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1、外文文献翻译译文原文：DiscussionofAccountingInformation,DisclosureandtheCostofCapital1、IntroductionAfirm’scostofequitycapitalisusuallydefinedastheminimumriskadjustedreturnaninvestmentinthefirmmustearninordertobeacceptabletoinvestorsorshareholders.Armedwiththisdefinition,La
2、mbert,Leuz,andVerrecchia[2007](hereafter,LLV)examinewhetherandhowpublicinformation,interpretedasaccountingreportsanddisclosures,affectsafirm’scostofequitycapital.LLVmotivatetheirstudyintwoways.First,theysuggestthatitwouldbehelpfultobetterunderstandthelinkbetween
3、accountinginformationandthecostofequitycapitalbecauseinstitutionssuchastheSECandFASBthatregulatefinancialreportingtakeintoaccount,oratleastareconcernedabout,thecapitalmarketconsequencesofneworexistingaccountingstandards.Second,theysuggestthatitwouldbehelpfultocl
4、arifytheroleofaccountinginformationinlargeeconomieswhereonlycertaintypesofrisksarepricedbecauseinvestorslikelydemandthetypesofaccountinginformationthathelpthembetterassessthoserisks.SincetheCAPMprovidesatime-honoredtheoryforthepricingofrisk,LLVbegintheiranalysis
5、byrecastingtheCAPMintoaformthatexplicitlyhighlightstheroleofpublicinformation;thatis,theyexpressmeans,variances,andcovariancethatdefinetheCAPMintheirconditionalform,conditionalonpublicinformation.Theythenshowthat,undersomesimplifyingassumptions,afirm’sexpectedre
6、turnorcostofequitycapitalcanbeexpressedasE(Ri
7、Φ)=Rf+riskpremium/priceofthesecurity,(1)wherethevectorΦrepresentspublicdisclosuresofaccountinginformation,Rfrepresentstherisk-freerate,andthepriceofthesecurityinthedenominatorofexpression(1)equalsthefirm’scertaintyeq
8、uivalentcashflowsconditionalonpublicinformationdiscountedattherisk-freerate.Thatis,Securityprice=（ECFi
9、Φ)−riskpremium）/1+Rf(2)Expressions(1)and(2)providethebasisformostoftheresultsinthepaper.Forinstance,sincetheCAPMassumesthatthecovarianceofafirm’sfuturecashflow
10、swiththoseofthemarketistheonlyriskthatispriced,LLVshowthatpublicinformationaboutthefirmorpublicinformationaboutotherfirmsthatreducesthiscovariancereducestheriskpremiu
