SUMMARIZE JOURNAL FOR MANAGEMENT (DHEA AKT11W).docx -...

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RANGKUMAN JURNAL “COST OF CAPITAL AND EARNINGS TRANSPARENCY” Dalam rangka memenuhi tugas mata kuliah Pengantar Manajemen Pengampu : Aini Farmania, PhD Nama : Dhea Amalia Endaresta NIM : 1181002045 Z Progam Studi Akuntansi Fakultas Eknomi dan Ilmu Sosial Universitas Bakrie Jl. H. R, Rasuna Said No. Kav. C-22, Karet Kuningan, Jakarta Selatan, Daerah Khusus Ibukota Jakarta 12940 SEMESTER GANJIL 2018/2019
Cost Of Capital and Earnings Transparency Abstract : We provide evidence that firms with more transparent earnings enjoy a lower cost of capital. We base our earnings transparency measure on the extent to which earnings and change in earnings covary contemporaneously with returns. We find a significant negative relation between our transparency measure and subsequent excess and portfolio mean returns, and expected cost of capital, even after controlling for previously documented determinants of cost of capital. 2013 Elsevier B.V 1. Introduction This study provides evidence that firms with more transparent earnings enjoy a lower cost of capital. We operationalize transparency by developing a measure based on the explanatory power of the returns- earnings relation, i.e., the extent to which earnings and change in earnings covary contemporaneously

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