Company Websites: A New Measure of Disclosure
基于公司网站数据构建了一种新的披露度量指标，验证其有效性，并应用于美国私营公司和法国公司的披露研究，为现有披露度量提供补充。
Abstract We propose a new measure of firms' disclosure based on company websites, which are widely available and contain a wealth of information. For a sample of U.S. public firms, we construct our disclosure measure using historical website data, validate it by correlating it with extant measures of disclosure and information asymmetry, and explore its determinants. We then apply our measure to the study of U.S. private firms' disclosure and French firms' compliance with a nonfinancial disclosure mandate. Our applications illustrate that our website‐based measure provides a useful complement to extant measures of disclosure, which are more narrowly focused on investors in public capital markets.