Cited by 3,836Corporate Finance and GovernanceFinancial Markets and Investment StrategiesAuditing, Earnings Management, Governance

The DOI matches its Crossref record; 17 of the 17 references it cites were found in a registry or an index.

Disclosure, Liquidity, and the Cost of Capital

DIAMOND, DOUGLAS W., VERRECCHIA, ROBERT E.·1991·The Journal of Finance

DOI 10.1111/j.1540-6261.1991.tb04620.x

Open this paper in CoChat — free account

Abstract

This paper shows that revealing public information to reduce information asymmetry can reduce a firm's cost of capital by attracting increased demand from large investors due to increased liquidity of its securities. Large firms will disclose more information since they benefit most. Disclosure also reduces the risk bearing capacity available through market makers. If initial information asymmetry is large, reducing it will increase the current price of the security. However, the maximum current price occurs with some asymmetry of information: further reduction of information asymmetry accentuates the undesirable effects of exit from market making.

Integrity signals

Registry

Crossref · 10.1111/j.1540-6261.1991.tb04620.x

Cites

17 of 17 references verified0 citation errors · 0 not checkable

Statistics

Recomputing p-values needs the paper’s full text.

Claims the paper makes

This paper’s full text isn’t openly available, so its claims and self-check weren’t run. The registry and citation checks still apply.

Claims other papers make about this one

Each is checked against this paper’s own text: does it say what the citing paper says it does?

Continuous Auctions and Insider Trading
Kyle, A. S. (1985) · Econometrica · doi:10.2307/1913210 · Cited by 10,145
Bid, ask and transaction prices in a specialist market with heterogeneously informed traders
Glosten, L. R., & Milgrom, P. (1985) · Journal of Financial Economics · doi:10.1016/0304-405x(85)90044-3 · Cited by 5,909
Asset pricing and the bid-ask spread
Amihud, Y., & Mendelson, H. (1986) · Journal of Financial Economics · doi:10.1016/0304-405x(86)90065-6 · Cited by 5,090
Moral Hazard in Teams
Holmstrom, B. R. (1982) · The Bell Journal of Economics · doi:10.2307/3003457 · Cited by 4,928
A Theory of Intraday Patterns: Volume and Price Variability
Admati, A. R., & Pfleiderer, P. (1988) · Review of Financial Studies · doi:10.1093/rfs/1.1.3 · Cited by 3,282
Liquidity and Market Structure
Grossman, S. J., & Miller, M. H. (1988) · The Journal of Finance · doi:10.1111/j.1540-6261.1988.tb04594.x · Cited by 1,578
Optimal dealer pricing under transactions and return uncertainty
Ho, T., & Stoll, H. R. (1981) · Journal of Financial Economics · doi:10.1016/0304-405x(81)90020-9 · Cited by 1,336
Optimal Release of Information By Firms
Diamond, D. W. (1985) · The Journal of Finance · doi:10.1111/j.1540-6261.1985.tb02364.x · Cited by 1,106
Self-citation
Information and Volatility: The No-Arbitrage Martingale Approach to Timing and Resolution Irrelevancy
Ross, S. A. (1989) · The Journal of Finance · doi:10.1111/j.1540-6261.1989.tb02401.x · Cited by 1,047
Information aggregation in a noisy rational expectations economy
Diamond, D. W., & Verrecchia, R. E. (1981) · Journal of Financial Economics · doi:10.1016/0304-405x(81)90026-x · Cited by 1,042
Self-citation

Show all 16 references

Research works printed but not linked: 2

Brady Commission, 1988, Report of the Presidential Task Force on Market Mechanisms
New York Stock Exchange, 1990, Market Volatility and Investor Confidence

Sorted by citations

Items 501–600 of 1,001

Does the market reward integrated report quality?
Cosma, S., Maria, G. S., & Venturelli, A. (2018) · AFRICAN JOURNAL OF BUSINESS MANAGEMENT · doi:10.5897/ajbm2017.8469 · Cited by 81
Restating Under the Radar? Determinants of Restatement Disclosure Choices and the Related Market ReactionsPreprint
Myers, L. A., Scholz, S., & Sharp, N. Y. (2008) · SSRN Electronic Journal · doi:10.2139/ssrn.1309786 · Cited by 81
Material Weakness in Internal Controls and Stock Price Crash Risk
Lobo, G. J., Wang, C., Yu, X., & Zhao, Y. (2017) · Journal of Accounting Auditing & Finance · doi:10.1177/0148558x17696761 · Cited by 80
Financial reporting and disclosure practices in China
Lu, H., Shin, J., & Zhang, M. (2023) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2023.101598 · Cited by 80
Hello, is Anybody There? Corporate Accessibility for Outside Shareholders as a Signal of Agency Problems
Firth, M. A., Lin, C., Wong, S. M. L., & Zhao, X. (2014) · Review of Accounting Studies · doi:10.1007/s11142-019-09501-3 · Cited by 80
Accounting-Based Downside Risk, Cost of Capital, and the Macroeconomy
Konchitchki, Y., Luo, Y., Ma, M. L. Z., & Wu, F. (2015) · Review of Accounting Studies · doi:10.1007/s11142-015-9338-7 · Cited by 81
The Real Value of China's Stock Market
Carpenter, J. N., Lu, F., & Whitelaw, R. (2015) · National Bureau of Economic Research · doi:10.3386/w20957 · Cited by 80
Corporate social responsibility disclosure and information asymmetry: the role of family ownership
Martínez‐Ferrero, J., Ariza, L. R., Sánchez, I., & Cuadrado‐Ballesteros, B. (2017) · Review of Managerial Science · doi:10.1007/s11846-017-0232-5 · Cited by 79
The impact of market-incentive environmental regulation on the development of the new energy vehicle industry: a quasi-natural experiment based on China's dual-credit policy
Dong, F., & Zheng, L. (2021) · Environmental Science and Pollution Research · doi:10.1007/s11356-021-16036-1 · Cited by 79
Alternative Corporate Governance Systems in Japanese Firms: Implications for a Shift to Stockholder-Centered Corporate Governance
Yoshikawa, T., & Phan, P. (2001) · Asia Pacific Journal of Management · doi:10.1023/a:1010663807192 · Cited by 79
Corporate Governance and Information Efficiency in Security Markets
Cai, C. X., Keasey, K., & Short, H. (2006) · European Financial Management · doi:10.1111/j.1468-036x.2006.00276.x · Cited by 79
Multiple large shareholders and earnings informativeness
Boubaker, S., & Sami, H. (2011) · Review of Accounting and Finance · doi:10.1108/14757701111155789 · Cited by 79
The Role of Institutional Investors in Corporate Governance: An Empirical InvestigationPreprint
Rajgopal, S., & Venkatachalam, M. (1998) · SSRN Electronic Journal · doi:10.2139/ssrn.130901 · Cited by 79
Shock Transmission Through Cross-Border Bank Lending: Credit and Real Effects
Hale, G. B., Kapan, T., & Minoiu, C. (2019) · Review of Financial Studies · doi:10.1093/rfs/hhz147 · Cited by 78
Real effects of financial reporting and disclosure on innovation
Simpson, A. V., & Tamayo, A. M. (2020) · Accounting and Business Research · doi:10.1080/00014788.2020.1770926 · Cited by 78
Geographic Peer Effects in Management Earnings Forecasts*
Matsumoto, D. A., Serfling, M. A., & Shaikh, S. (2022) · Contemporary Accounting Research · doi:10.1111/1911-3846.12772 · Cited by 79
How digital technology improves the high-quality development of enterprises and capital markets: A liquidity perspective
Liu, G., & Liu, B. (2023) · Finance research letters · doi:10.1016/j.frl.2023.103683 · Cited by 78
The Sarbanes‐Oxley Act of 2002 and Market Liquidity
Jain, P. K., Kim, J., & Rezaee, Z. (2008) · Financial Review · doi:10.1111/j.1540-6288.2008.00198.x · Cited by 78
PRESS COVERAGE AND STOCK PRICE DEVIATION FROM FUNDAMENTAL VALUE
Chen, C., Pantzalis, C., & Park, J. C. (2013) · The Journal of Financial Research · doi:10.1111/j.1475-6803.2013.12007.x · Cited by 78
How to measure country-level financial reporting quality?
Tang, Q., Chen, H., & Lin, Z. (2016) · Journal of financial reporting & accounting · doi:10.1108/jfra-09-2014-0073 · Cited by 82
Information Asymmetry, Information Precision, and the Cost of Capital
Lambert, R. A., Leuz, C., & Verrecchia, R. E. (2009) · National Bureau of Economic Research · doi:10.3386/w14881 · Cited by 78
Self-citation
Do Analysts Matter for Corporate Tax Planning? Evidence from a Natural Experiment
Chen, N. X., Chiu, P., & Shevlin, T. J. (2018) · Contemporary Accounting Research · doi:10.1111/1911-3846.12413 · Cited by 77
Does corporate social responsibility reduce information asymmetry? Empirical evidence from Australia
Nguyen, V. H., Agbola, F. W., & Choi, B. (2018) · Australian Journal of Management · doi:10.1177/0312896218797163 · Cited by 77
Governance Quality and Information Asymmetry
Elbadry, A., Gounopoulos, D., & Skinner, F. S. (2015) · Financial Markets Institutions and Instruments · doi:10.1111/fmii.12026 · Cited by 77
Corporate governance and voluntary disclosures in annual reports: a post-International Financial Reporting Standard adoption evidence from an emerging capital market
Boateng, R. N., Tawiah, V. K., & Tackie, G. (2022) · International Journal of Accounting and Information Management · doi:10.1108/ijaim-10-2021-0220 · Cited by 77
Financing sustainability: How environmental disclosures shape bank lending decisions in emerging markets
Hui, Z., Li, H., & Elamer, A. A. (2024) · Corporate Social Responsibility and Environmental Management · doi:10.1002/csr.2789 · Cited by 81
Disclosure Interactions and the Cost of Equity Capital: Evidence From the Spanish Continuous Market
Espinosa, M., & Trombetta, M. (2007) · Journal of Business Finance & Accounting · doi:10.1111/j.1468-5957.2007.02064.x · Cited by 77
Large shareholders and disclosure strategies: Evidence from IPO lockup expirations
Ertimur, Y., Sletten, E., & Sunder, J. (2014) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2014.06.002 · Cited by 77
Voluntary disclosure and the cost of equity capital: Evidence from management earnings forecasts
Kim, J. W., & Shi, Y. (2011) · Journal of Accounting and Public Policy · doi:10.1016/j.jaccpubpol.2011.03.001 · Cited by 77
Understanding emerging market equity risk premia: Industries, governance and macroeconomic policy uncertainty
Donadelli, M., & Persha, L. (2013) · Research in International Business and Finance · doi:10.1016/j.ribaf.2013.09.008 · Cited by 77
Accounting Quality, Stock Price Delay and Future Stock ReturnsPreprint
Callen, J. L., Khan, M., & Lu, H. (2009) · SSRN Electronic Journal · doi:10.2139/ssrn.1416213 · Cited by 77
Does gender diversity on boards influence stock market liquidity? Empirical evidence from the French market
Loukil, N., Yousfi, O., & Yerbanga, R. (2019) · Corporate Governance · doi:10.1108/cg-09-2018-0291 · Cited by 76
The impact of audit quality on earnings predictability
Hussainey, K. (2009) · Managerial Auditing Journal · doi:10.1108/02686900910948189 · Cited by 76
Disclosure Quality and Market LiquidityPreprint
Heflin, F. L., Shaw, K. W., & Wild, J. J. (2001) · SSRN Electronic Journal · doi:10.2139/ssrn.251849 · Cited by 76
The association between disclosure of forward-looking information and corporate governance mechanisms
Al‐Najjar, B., & Abed, S. (2014) · Managerial Auditing Journal · doi:10.1108/maj-01-2014-0986 · Cited by 75
The Theory and Practice of Investor Relations: A Global Perspective
Karolyi, G. A., Kim, D., & Liao, R. C. (2020) · Management Science · doi:10.1287/mnsc.2019.3405 · Cited by 75
The Real Value of China's Stock MarketPreprint
Carpenter, J. N., Lu, F., & Whitelaw, R. (2014) · SSRN Electronic Journal · doi:10.2139/ssrn.2519886 · Cited by 75
Do investors find carbon information useful? Evidence from Italian firms
Jaggi, B. L., Allini, A., Macchioni, R., & Zampella, A. (2017) · Review of Quantitative Finance and Accounting · doi:10.1007/s11156-017-0653-x · Cited by 74
Quality of Corporate Social Responsibility Disclosure and Cost of Equity Capital: Lessons from China
Li, S., & Liu, C. (2018) · Emerging Markets Finance and Trade · doi:10.1080/1540496x.2018.1443441 · Cited by 74
Quality of the external auditor, information asymmetry, and bid‐ask spread
Hakim, F., & Omrı, M. A. (2010) · International Journal of Accounting and Information Management · doi:10.1108/18347641011023243 · Cited by 74
Hedge Fund Intervention and Accounting Conservatism
Cheng, C. A. A., Huang, H., & Li, Y. (2015) · Contemporary Accounting Research · doi:10.1111/1911-3846.12076 · Cited by 21
Corporate social responsibility disclosure level, external assurance and cost of equity capital
Weber, J. (2018) · Journal of financial reporting & accounting · doi:10.1108/jfra-12-2017-0112 · Cited by 74
Equity‐Based Compensation of Outside Directors and Corporate Disclosure Quality
Sengupta, P. P., & Zhang, S. (2014) · Contemporary Accounting Research · doi:10.1111/1911-3846.12115 · Cited by 74
Top Management Teams’ Academic Experience and Firms’ Corporate Social Responsibility Voluntary Disclosure
Ma, Z., Zhang, H., Zhong, W., & Zhou, K. (2020) · Management and Organization Review · doi:10.1017/mor.2019.58 · Cited by 73
Do Sophisticated Investors Use the Information Provided by the Fair Value of Cash Flow Hedges?
Campbell, J. L., Downes, J. F., & Schwartz, W. C. (2012) · Review of Accounting Studies · doi:10.1007/s11142-015-9318-y · Cited by 73
Financial reporting discretion and voluntary disclosure: Corporate research and development expenditure in Australia
Percy, M. (2000) · Asia-Pacific Journal of Accounting & Economics · doi:10.1080/16081625.2000.10510572 · Cited by 73
The Association between Disclosure, Distress, and Failure
Holder‐Webb, L., & Cohen, J. R. (2007) · Journal of Business Ethics · doi:10.1007/s10551-006-9254-7 · Cited by 73
Corporate Governance, Commitment to Business Ethics, and Firm Valuation: Evidence from the Korean Stock Market
Pae, J., & Choi, T. H. (2010) · Journal of Business Ethics · doi:10.1007/s10551-010-0682-z · Cited by 73
Intellectual capital disclosure and corporate market value: does board diversity matter?
Anifowose, M., Rashid, H. M. A., & Annuar, H. A. (2017) · Journal of Accounting in Emerging Economies · doi:10.1108/jaee-06-2015-0048 · Cited by 73
Information Asymmetry and the Ex Ante Impact of Public Disclosure Quality on Price Efficiency and the Cost of Capital: Evidence from a Laboratory Market
Barron, O. E., & Qu, H. (2014) · The Accounting Review · doi:10.2308/accr-50715 · Cited by 73
Cost of Capital Free-Riders
Baginski, S. P., & Hinson, L. A. (2013) · The Accounting Review · doi:10.2139/ssrn.2364911 · Cited by 73
Is enterprise digital transformation beneficial to shareholders? Insights from the cost of equity capital
Zhang, C., & Wang, Y. (2024) · International Review of Financial Analysis · doi:10.1016/j.irfa.2024.103104 · Cited by 72
Firm size, disclosure and cost of equity capital
Embong, Z., Saleh, N. M., & Hassan, M. S. (2012) · Asian Review of Accounting · doi:10.1108/13217341211242178 · Cited by 72
Institutional Ownership and Stock LiquidityPreprint
Agarwal, P. (2007) · SSRN Electronic Journal · doi:10.2139/ssrn.1029395 · Cited by 72
Greater Reliance on Major Customers and Auditor Going Concern Opinions
Dhaliwal, D. S., Michas, P. N., Naiker, V., & Sharma, D. S. (2019) · Contemporary Accounting Research · doi:10.1111/1911-3846.12551 · Cited by 71
Express Yourself: Why Managers' Disclosure Tone Varies Across Time and What Investors Learn from It
Campbell, J. L., Lee, H. S. “., Lu, H., & Steele, L. B. (2017) · Contemporary Accounting Research · doi:10.1111/1911-3846.12561 · Cited by 78
ESG Disclosures in the Private Equity Industry
Abraham, J. K., Olbert, M., & Vasvari, F. P. (2022) · Journal of Accounting Research · doi:10.1111/1475-679x.12570 · Cited by 71
The substitutive relation between voluntary disclosure and corporate governance in their effects on firm performance
Enache, L., & Hussainey, K. (2020) · Review of Quantitative Finance and Accounting · doi:10.1007/s11156-019-00794-8 · Cited by 91
Disagreements among Shareholders Over a Firm's Disclosure Policy
Kim, O. (1993) · The Journal of Finance · doi:10.1111/j.1540-6261.1993.tb04737.x · Cited by 70
Factor-Loading Uncertainty and Expected Returns
Armstrong, C. S., Banerjee, S., & Corona, C. (2012) · Review of Financial Studies · doi:10.1093/rfs/hhs102 · Cited by 70
Strategic Cross-Trading in the U.S. Stock Market
Pasquariello, P., & Vega, C. (2013) · European Finance Review · doi:10.1093/rof/rft055 · Cited by 70
The linkage between CSR and cost of equity: an Indian perspective
Dahiya, M., & Singh, S. (2020) · Sustainability Accounting Management and Policy Journal · doi:10.1108/sampj-10-2019-0379 · Cited by 69
Disclosure, conservatism and the cost of equity capital: A review of the foundation literature
Artiach, T. C., & Clarkson, P. M. (2010) · Accounting and Finance · doi:10.1111/j.1467-629x.2010.00387.x · Cited by 69
International evidence on the impact of adopting English as an external reporting language
Jeanjean, T., Stolowy, H., Erkens, M. H. R., & Yohn, T. L. (2014) · Journal of International Business Studies · doi:10.1057/jibs.2014.33 · Cited by 69
Formal corporate social responsibility reporting in Finnish listed companies
Kotonen, U. (2009) · Journal of Applied Accounting Research · doi:10.1108/09675420911006406 · Cited by 79
Board Size, Corporate Information Environment and Cost of Capital
Upadhyay, A., & Sriram, R. S. (2011) · Journal of Business Finance & Accounting · doi:10.1111/j.1468-5957.2011.02260.x · Cited by 69
International Financial Reporting Standards, institutional infrastructures, and implied cost of equity capital around the world
Kim, J., Shi, H., & Zhou, J. (2013) · Review of Quantitative Finance and Accounting · doi:10.1007/s11156-013-0350-3 · Cited by 69
Banks as Secret Keepers
Dang, T. V., Gorton, G., Holmstrom, B. R., & Ordoñez, G. L. (2014) · National Bureau of Economic Research · doi:10.3386/w20255 · Cited by 69
A Tale of Two Supervisors: Compliance with Risk Disclosure Regulation in the Banking Sector*
Bischof, J., Daske, H., Elfers, F., & Hail, L. (2021) · Contemporary Accounting Research · doi:10.1111/1911-3846.12715 · Cited by 75
Corporate governance and the use of external assurance for integrated reports
Maroun, W. (2022) · Corporate Governance An International Review · doi:10.1111/corg.12430 · Cited by 68
Liquidity, the Value of the Firm, and Corporate Finance
Yakov Amihud, A., & Mendelson, H. (2008) · Journal of applied corporate finance · doi:10.1111/j.1745-6622.2008.00179.x · Cited by 68
What determines the informativeness of firms' explanations for deviations from the Dutch corporate governance code?
Hooghiemstra, R. B. H. (2011) · Accounting and Business Research · doi:10.1080/00014788.2011.600630 · Cited by 68
Carbon Information Disclosure, Marketization, and Cost of Equity Financing
Li, L., Liu, Q., Wang, J., & Hong, X. (2019) · International Journal of Environmental Research and Public Health · doi:10.3390/ijerph16010150 · Cited by 68
The Effect of Corporate Governance and Audit Quality on Disclosure Quality: Evidence from Tehran Stock Exchange
Salehi, M., Moradi, M., & Paiydarmanesh, N. (2016) · Periodica Polytechnica Social and Management Sciences · doi:10.3311/ppso.8354 · Cited by 67
How Often Do Managers Withhold Information?
Bertomeu, J., Ma, P., & Marinovic, I. (2019) · The Accounting Review · doi:10.2308/accr-52619 · Cited by 67
The impact of corporate governance and external audit on compliance to mandatory disclosure requirements in China
Gao, L., & Kling, G. (2012) · Journal of International Accounting Auditing and Taxation · doi:10.1016/j.intaccaudtax.2012.01.002 · Cited by 67
Factors influencing corporate governance disclosures: evidence from Alternative Investment Market (AIM) companies in the UK
Mallin, C. A., & Ow‐Yong, K. (2011) · European Journal of Finance · doi:10.1080/1351847x.2011.601671 · Cited by 67
The impact of XBRL adoption in PR China
Liu, C., Luo, X., Sia, C. L., O’Farrell, G., & Teo, H. (2013) · Decision Support Systems · doi:10.1016/j.dss.2013.12.003 · Cited by 67
Accruals quality vis-à-vis disclosure quality: Substitutes or complements?
Mouselli, S., Jaafar, A., & Hussainey, K. (2012) · The British Accounting Review · doi:10.1016/j.bar.2011.12.004 · Cited by 67
The determinants and pricing of liquidity commonality around the world
Moshirian, F., Qian, X., Wee, C. K. G., & Zhang, B. (2017) · Journal of Financial Markets · doi:10.1016/j.finmar.2017.02.004 · Cited by 67
International Journal of Economics, Finance and Management Sciences
Mazzitelli, D., Fiorenza, E., Belgacem, I., & Arena, C. (2023) · International Journal of Economics Finance and Management Sciences · doi:10.11648/j.ijefm · Cited by 66
Economic Analysis of Widespread Adoption of CSR and Sustainability Reporting Standards
Christensen, H. B., Hail, L., & Leuz, C. (2018) · SSRN Electronic Journal · doi:10.2139/ssrn.3315673 · Cited by 67
Information‐Processing Costs and Breadth of Ownership
Kim, J., Li, B., & Liu, Z. (2018) · Contemporary Accounting Research · doi:10.1111/1911-3846.12451 · Cited by 67
Determinants and economic consequences of voluntary disclosure of internal control weaknesses in China
Ji, X., Lu, W., & Qu, W. (2014) · Journal of Contemporary Accounting & Economics · doi:10.1016/j.jcae.2014.12.001 · Cited by 66
Audit firm industry specialization and audit outcomes: Insights from academic literature
Habib, A. (2011) · Research in Accounting Regulation · doi:10.1016/j.racreg.2011.06.008 · Cited by 66
Corporate Disclosure Quality: Lessons from Australian Companies on the Impact of Adopting International Financial Reporting Standards
Gallery, G. T., Cooper, E., & Sweeting, J. (2008) · Australian Accounting Review · doi:10.1111/j.1835-2561.2008.0030.x · Cited by 66
The Commitment Effect versus Information Effect of Disclosure—Evidence from Smaller Reporting Companies
Cheng, L., Liao, S., & Zhang, H. (2013) · The Accounting Review · doi:10.2308/accr-50416 · Cited by 68
Analyst Report Readability and Stock Returns
Hsieh, C., Hui, K. W., & Zhang, Y. (2015) · Journal of Business Finance & Accounting · doi:10.1111/jbfa.12166 · Cited by 65
Facilitating Tacit Collusion Through Voluntary Disclosure: Evidence from Common Ownership
Pawliczek, A., Skinner, A. N., & Zechman, S. L. C. (2022) · Journal of Accounting Research · doi:10.1111/1475-679x.12452 · Cited by 65
Does intellectual capital disclosure reduce an IPO's cost of capital?
Singh, I., & der Zahn, M. V. (2007) · Journal of Intellectual Capital · doi:10.1108/14691930710774885 · Cited by 65
Meta‐analytic review of disclosure level and cost of equity capital
Souissi, M., & Khlif, H. (2012) · International Journal of Accounting and Information Management · doi:10.1108/18347641211201072 · Cited by 65
Increased disclosure and investment efficiency
Lai, S., Liu, C., & Wang, T. (2013) · Asia-Pacific Journal of Accounting & Economics · doi:10.1080/16081625.2012.741791 · Cited by 65
Discretionary Accruals Quality, Cost of Capital, and Diversification
Demirkan, S., Radhakrishnan, S., & Urcan, O. (2011) · Journal of Accounting Auditing & Finance · doi:10.1177/0148558x11409162 · Cited by 65
Liquidity risk and accounting information
Sadka, R. (2011) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2011.08.007 · Cited by 65
U.S. International Equity Investment
Ammer, J. M., Holland, S. B., Smith, D. C., & Warnock, F. E. (2012) · Journal of Accounting Research · doi:10.1111/j.1475-679x.2012.00464.x · Cited by 65
Corporate governance and stock liquidity dimensions: Panel evidence from pure order-driven Australian market
Ali, S., Liu, B., & Su, J. (2017) · International Review of Economics & Finance · doi:10.1016/j.iref.2017.03.005 · Cited by 65
Financial Disclosure and Bond Insurance
Gore, A. K., Sachs, K. D., & TRZCINKA, C. A. (2004) · The Journal of Law and Economics · doi:10.1086/380472 · Cited by 65
Illiquidity and the Measurement of Stock Price Synchronicity
Gassen, J., Skaife, H. A., & Veenman, D. (2019) · Contemporary Accounting Research · doi:10.1111/1911-3846.12519 · Cited by 65
Does voluntary corporate social performance attract institutional investment? Evidence from China
Wang, M., & Chen, Y. (2017) · Corporate Governance An International Review · doi:10.1111/corg.12205 · Cited by 64
International Mutual Funds, Capital Flow Volatility, and Contagion - A Survey
Gelos, G. (2011) · IMF Working Paper · doi:10.2139/ssrn.1826545 · Cited by 64

Authors: DIAMOND, D. W., & VERRECCHIA, R. E.
Affiliations: Georgetown University (US)
ORCID: DIAMOND, DOUGLAS W.
VERRECCHIA, ROBERT E.
Venue: The Journal of Finance
Publisher: Wiley
Published: 1991-09
Volume: 46
Issue: 4
Pages: 1325-1359
ISSN: 0022-1082 (ISSN-L)
1540-6261
DOI: 10.1111/j.1540-6261.1991.tb04620.x
OpenAlex: W2154187126
Cited by: 3,836
References: 16
Citations by year: 2026: 219 · 2025: 232 · 2024: 228 · 2023: 188 · 2022: 198 · 2021: 215 · 2020: 201 · 2019: 165 · 2018: 189 · 2017: 199 · 2016: 181 · 2015: 190 · 2014: 198 · 2013: 182 · 2012: 157
FWCI: 13.32
Type: journal article
Language: en
Open access: closed
Licence: onlinelibrary.wiley.com/termsAndConditions#vor (vor, 7547 d)
Locations: The Journal of Finance (publishedVersion)
RePEc: Research Papers in Economics (submittedVersion)
Topics: Social Sciences › Economics, Econometrics and Finance › Finance › Corporate Finance and Governance
Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
Social Sciences › Business, Management and Accounting › Accounting › Auditing, Earnings Management, Governance
Keywords: information disclosure, information asymmetry, cost of capital, liquidity, large investors, market makers, security prices, firm size, corporate finance

About these checks

Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.

Statistics and arithmetic are recomputed, not judged.

Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.

What counts as a claim ›How we measure confidence ›How we check this ›

Are you an author, or do you see a problem with this page? Request a review

Disclosure, Liquidity, and the Cost of Capital

Abstract

Overview

Integrity signals

Verification

Claims the paper makes

Claims other papers make about this one

Citations

Cites

Cited by

Related

Metadata

Record

About these checks