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حسابداری و مالی::
افشای اطلاعات حسابداری
We show that the effects of accounting disclosures on investment efficiency and investor welfare crucially depend on whether such disclosures convey information about the firm's future capital stock (i.e.
The two types of accounting disclosures act as substitutes in that the precision of capital stock disclosures that maximizes investment efficiency (and investor welfare) decreases as cash flow disclosures become more informative and vice versa.
The dynamic framework allows us to distinguish between accounting disclosures about capital stock (i.e.
We in- vestigate how these two types of accounting disclosures affect the efficiency of the firm's investment decisions and investor welfare.
Instead, the stock market prices the firm based on the public financial reports that the firm releases prior to each trading date.2 We distinguish between two different forms of accounting disclosures related to the two sources of uncertainty in our model: reports about the next period's capital stock and reports about one-period ahead operating cash flows.
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