Disclosure and the cost of capital: A discussion
讨论了两篇论文关于披露如何影响资本成本的贡献，探讨披露是缓解还是加剧了由信息不对称导致的资本成本，为评估会计信息的成本与收益提供经济基础。
In this discussion I comment on the contribution of two papers toward our understanding of how disclosure affects the cost of capital. Specifically, in the context of these papers, I comment on whether disclosure ameliorates or exacerbates the cost of capital that arises from the existence of information asymmetries in capital markets. This is a notion that should be of fundamental interest in that it provides an economic basis for evaluating the costs and benefits of accounting information.