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1、外文翻译原文AccountingInformation,Disclosure,andtheCostofCapitalMaterialSource:http://papers.ssrn.com/sol3/papers.cfm?abstract_id=823504Author:RichardA.LambertChristianLeuzRobertE.VerrecchiaThelinkbetweenaccountinginformationandthecostofcapitaloffirmsisoneofthemostfundamentalissuesinaccounting.S
2、tandardsettersfrequentlyrefertoit.Forexample,ArthurLevitt(1998),theformerchairmanoftheSecuritiesandExchangeCommission,suggeststhat“highqualityaccountingstandards[…]reducecapitalcosts.”Similarly,NeelFoster(2003),aformermemberoftheFinancialAccountingStandardsBoard(FASB)claimsthat“Moreinforma
3、tionalwaysequatestolessuncertainty,and[…]peoplepaymoreforcertainty.Inthecontextoffinancialinformation,theendresultisthatbetterdisclosureresultsinalowercostofcapital.”Whiletheseclaimshaveintuitiveappeal,thereissurprisinglylittletheoreticalworkonthehypothesizedlink.Inparticular,itisunclearto
4、whatextentaccountinginformationorfirmdisclosuresreducenon-diversifiablerisksineconomieswithmultiplesecurities.Assetpricingmodels,suchastheCapitalAssetPricingModel(CAPM),andportfoliotheoryemphasizetheimportanceofdistinguishingbetweenrisksthatarediversifiableandthosethatarenot.Thus,thechalle
5、ngeforaccountingresearchersistodemonstratewhetherandhowfirms’accountinginformationmanifestsintheircostofcapital,despitetheforcesofdiversification.Thispaperexploresbothofthesequestions.Wedefinethecostofcapitalastheexpectedreturnonafirm’sstock.Thisdefinitionisconsistentwithstandardassetprici
6、ngmodelsinfinance(e.g.,FamaandMiller,1972,p.303),aswellasnumerousstudiesinaccountingthatusediscountedcashfloworabnormalearningsmodelstoinferfirms’costofcapital(e.g.,Botosan,1997;Gebhardtetal.,2001).Inourmodel,weexplicitlyallowformultiplefirmswhosecashflowsarecorrelated.Incontrast,mostanaly
7、ticalmodelsinaccountingexaminetheroleofinformationinsingle-firmsettings(seeVerrecchia,2001,forasurvey).Whilethisliteratureyieldsmanyuseful6insights,itsapplicabilitytocostofcapitalissuesislimited.Insingle-firmsettings,firm-specificvarianceispricedbecausetherear
