THE EFFECT OF MARKET COMPETITIVE SPECTRUM ON THE RELATIONSHIP BETWEEN INFORMATION ASYMMETRY AND COST OF CAPITAL STOCK

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KHANI A.; GHOJAVAND Z.

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Journal: Financial Accounting Research Year:2012 | Volume:4 | Issue:4 (14) Page(s): 67-88

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Title

THE EFFECT OF MARKET COMPETITIVE SPECTRUM ON THE RELATIONSHIP BETWEEN INFORMATION ASYMMETRY AND COST OF CAPITAL STOCK

Author(s)

KHANI A. | GHOJAVAND Z. | Issue Writer Certificate

Keywords

INFORMATION ASYMMETRYQ2

COST OF STOCK CAPITALQ2

ACCRUALS QUALITYQ2

THE BID-ASK SPREAD AND THE ADVERSE SELECTION COMPONENT OF THE BID-ASK SPREADQ2

Abstract

This paper examines the effect of market competitive Spectrum on the relationship between INFORMATION ASYMMETRY and the cost of capital in Tehran Stock Market (TSE). ACCRUALS QUALITY, the scope of the proposed purchase and sale price (the bid-ask spread) and the adverse selection component of the bid-ask spread are applied for measuring the asymmetry of information. Six hypotheses formulated and the research sample consists of 70 active companies listed on TSE in the period1383 to1388 and Fama and French model (1993) is applied for testing the hypotheses. The results indicate that the levels (spectrum) of the market competition affects on the relation between the INFORMATION ASYMMETRY and the COST OF STOCK CAPITAL. Therefore, the degree of market competition is an important conditioning variable that should be considered when examining the relation between the INFORMATION ASYMMETRY and the cost of the stock capital.

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APA: Copy

KHANI, A., & GHOJAVAND, Z.. (2012). THE EFFECT OF MARKET COMPETITIVE SPECTRUM ON THE RELATIONSHIP BETWEEN INFORMATION ASYMMETRY AND COST OF CAPITAL STOCK. JOURNAL OF FINANCIAL ACCOUNTING RESEARCH, 4(4 (14)), 67-88. SID. https://sid.ir/paper/155131/en

Vancouver: Copy

KHANI A., GHOJAVAND Z.. THE EFFECT OF MARKET COMPETITIVE SPECTRUM ON THE RELATIONSHIP BETWEEN INFORMATION ASYMMETRY AND COST OF CAPITAL STOCK. JOURNAL OF FINANCIAL ACCOUNTING RESEARCH[Internet]. 2012;4(4 (14)):67-88. Available from: https://sid.ir/paper/155131/en

IEEE: Copy

A. KHANI, and Z. GHOJAVAND, “THE EFFECT OF MARKET COMPETITIVE SPECTRUM ON THE RELATIONSHIP BETWEEN INFORMATION ASYMMETRY AND COST OF CAPITAL STOCK,” JOURNAL OF FINANCIAL ACCOUNTING RESEARCH, vol. 4, no. 4 (14), pp. 67–88, 2012, [Online]. Available: https://sid.ir/paper/155131/en

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