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What is U-Shaped Disclosure Impact on Equity Cost about?

The paper investigates the U-shaped relationship between annual report narrative disclosures and the cost of equity capital in the U.K., suggesting that low levels of disclosure reduce costs while high levels increase them due to clutter. The study uses a word-count-based index to measure disclosure levels and finds that firms adjust their disclosures towards an optimal level over time, influenced by regulatory initiatives. Overall, the findings highlight the importance of managing narrative disclosures to

Author

Shondar Pagli

Language

EN