The Economic Consequences of Increased Disclosure
研究德国公司从德国报告制度转向国际报告制度（IAS或美国GAAP）后，信息披露增加对资本成本中信息不对称部分的影响，发现买卖价差和交易量等指标按预期方向变化。
Economic theory suggests that a commitment by a firm to increased levels of disclosure should lower the information asymmetry component of the firm's cost of capital.But whi le the theory is compelling, so far empirical results relating increased levels of disclosure to measurable economic benefits have been mixed.One explanation for the mixed results among studies using data from firms publicly registered in the US is that, under current US reporting standards, the disclosure environment is already rich.In this paper, we study German firms that have switched from the German to an international reporting regime (IAS or US -GAAP), thereby committing themselves to increased le vels of disclosure.We show that proxies for the information asymmetry component of the cost of capital for the switching firms, namely the bid-ask spread and trading volume, behave in the predicted direction compared to firms employing the German reporti ng regime.