We operationalize transparency by d

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 with stock returns.Wefindthatfirmswithmore
transparentearningshavealowercostofcapitalasreflectedinsubsequentexcessreturnsandportfoliomeansubsequent
returns.Wealsofindthatfirmswithmoretransparentearningshavealowerexpectedcostofcapital.Ourfindingsarebased
on teststhatincludecontrolsforgrowthandotherfirmfundamentalsthatareknowntobeassociatedwithcostofcapital.
The FinancialAccountingStandardsBoard(FASB)andtheInternationalAccountingStandardsBoard(IASB)statethata
key purposeoffinancialstatementsistoimprovedecision-makingbyinvestors,lenders,andotherprovidersofcapital.To
the extentthatafirm’sfinancialstatements,includingitsearnings,aremoretransparent,uncertaintyregardingthevalue
of itsequitymaybelower,andthereforeitwillenjoyalowercostofcapital.ArthurLevitt,formerchairmanofthe
Securities andExchangeCommission(SEC),embracesthisnotionbysuggestingthat‘‘highqualityaccountingstandardsy
improve liquidity[and]reducecapitalcosts

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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 with stock returns.Wefindthatfirmswithmoretransparentearningshavealowercostofcapitalasreflectedinsubsequentexcessreturnsandportfoliomeansubsequentreturns.Wealsofindthatfirmswithmoretransparentearningshavealowerexpectedcostofcapital.Ourfindingsarebasedon teststhatincludecontrolsforgrowthandotherfirmfundamentalsthatareknowntobeassociatedwithcostofcapital.The FinancialAccountingStandardsBoard(FASB)andtheInternationalAccountingStandardsBoard(IASB)statethatakey purposeoffinancialstatementsistoimprovedecision-makingbyinvestors,lenders,andotherprovidersofcapital.Tothe extentthatafirm’sfinancialstatements,includingitsearnings,aremoretransparent,uncertaintyregardingthevalueof itsequitymaybelower,andthereforeitwillenjoyalowercostofcapital.ArthurLevitt,formerchairmanoftheSecurities andExchangeCommission(SEC),embracesthisnotionbysuggestingthat‘‘highqualityaccountingstandardsyimprove liquidity[and]reducecapitalcosts

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Results (Thai) 2:[Copy]

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เราเริ่มดำเนินการโปร่งใสโดยการพัฒนาตัวชี้วัดขึ้นอยู่กับอำนาจอธิบายความสัมพันธ์ของผลตอบแทนที่ได้กำไรคือขอบเขตที่รายได้และการเปลี่ยนแปลงในรายได้ covary contemporaneously มีสต็อก สภาพคล่อง [และ] reducecapitalcosts

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Results (Thai) 3:[Copy]

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เรา operationalize ความโปร่งใสโดยการพัฒนาวัดขึ้นอยู่กับความสามารถของผลตอบแทนรายได้ ความสัมพันธ์ เช่น ขอบเขตที่เพิ่มขึ้นและการเปลี่ยนแปลงในรายได้ covary contemporaneously กับผลตอบแทนของหุ้น . wefindthatfirmswithmore transparentearningshavealowercostofcapitalasreflectedinsubsequentexcessreturnsandportfoliomeansubsequent

กลับมาwealsofindthatfirmswithmoretransparentearningshavealowerexpectedcostofcapital . ourfindingsarebased
บน teststhatincludecontrolsforgrowthandotherfirmfundamentalsthatareknowntobeassociatedwithcostofcapital .
financialaccountingstandardsboard ( FASB ) andtheinternationalaccountingstandardsboard ( IASB ) statethata
คีย์ purposeoffinancialstatementsistoimprovedecision makingbyinvestors ตลอดจนandotherprovidersofcapital .
extentthatafirm'sfinancialstatements includingitsearnings aremoretransparent , , , ของ itsequitymaybelower andthereforeitwillenjoyalowercostofcapital uncertaintyregardingthevalue
, .
arthurlevitt formerchairmanofthe , andexchangecommission หลักทรัพย์ ( ก.ล.ต. ) embracesthisnotionbysuggestingthat ''highqualityaccountingstandardsy
, [ และ ] reducecapitalcosts ปรับปรุงสภาพคล่อง

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