Information and the Cost of Capital
研究信息如何影响公司资本成本，发现公共与私人信息构成差异会改变资本成本，投资者对私人信息较多的股票要求更高回报，企业可通过会计处理、分析师覆盖等影响自身资本成本。
ABSTRACT We investigate the role of information in affecting a firm's cost of capital. We show that differences in the composition of information between public and private information affect the cost of capital, with investors demanding a higher return to hold stocks with greater private information. This higher return arises because informed investors are better able to shift their portfolio to incorporate new information, and uninformed investors are thus disadvantaged. In equilibrium, the quantity and quality of information affect asset prices. We show firms can influence their cost of capital by choosing features like accounting treatments, analyst coverage, and market microstructure.