ScholarWorks@Soongsil University

Detailed Information

Cited 16 time in webofscience Cited 17 time in scopus
Metadata Downloads

Does information risk affect the implied cost of equity capital? An analysis of PIN and adjusted PIN

Full metadata record
DC Field Value Language
dc.contributor.authorHwang, Lee-Seok-
dc.contributor.authorLee, Woo-Jong-
dc.contributor.authorLim, Seung-Yeon-
dc.contributor.authorPark, Kyung-Ho-
dc.date.available2018-05-09T14:13:00Z-
dc.date.created2018-04-17-
dc.date.issued2013-04-
dc.identifier.issn0165-4101-
dc.identifier.urihttp://scholarworks.bwise.kr/ssu/handle/2018.sw.ssu/11307-
dc.description.abstractUsing a unique dataset of Korean listed companies for which trade initiators are correctly identifiable, we estimate bias-free PIN (probability of informed trading) that is no longer subject to the trade misspecification problem and test whether it is related to expected returns. Unlike prior studies, we find that bias-free AdjPIN, the adjusted PIN purged of a liquidity component, is positively related to implied cost of equity. Our findings suggest that the errors in PIN variables hamper a proper identification of PIN pricing in prior studies. (C) 2013 Elsevier B.V. All rights reserved.-
dc.publisherELSEVIER SCIENCE BV-
dc.relation.isPartOfJOURNAL OF ACCOUNTING & ECONOMICS-
dc.subjectSTOCK RETURNS-
dc.subjectEXPECTED RETURNS-
dc.subjectACCRUALS QUALITY-
dc.subjectREALIZED RETURNS-
dc.subjectAVERAGE RETURNS-
dc.subjectLIQUIDITY-
dc.subjectMARKET-
dc.subjectDISCLOSURE-
dc.subjectVOLUME-
dc.subjectPROFITABILITY-
dc.titleDoes information risk affect the implied cost of equity capital? An analysis of PIN and adjusted PIN-
dc.typeArticle-
dc.identifier.doi10.1016/j.jacceco.2013.01.005-
dc.type.rimsART-
dc.identifier.bibliographicCitationJOURNAL OF ACCOUNTING & ECONOMICS, v.55, no.2-3, pp.148 - 167-
dc.description.journalClass1-
dc.identifier.wosid000318386600002-
dc.identifier.scopusid2-s2.0-84874430418-
dc.citation.endPage167-
dc.citation.number2-3-
dc.citation.startPage148-
dc.citation.titleJOURNAL OF ACCOUNTING & ECONOMICS-
dc.citation.volume55-
dc.contributor.affiliatedAuthorPark, Kyung-Ho-
dc.type.docTypeArticle-
dc.subject.keywordAuthorProbability of informed trading (PIN)-
dc.subject.keywordAuthorAdjusted PIN (AdjPIN)-
dc.subject.keywordAuthorImplied cost of equity capital-
dc.subject.keywordAuthorExpected returns-
dc.subject.keywordAuthorAnalysts&apos-
dc.subject.keywordAuthorforecasts-
dc.subject.keywordPlusSTOCK RETURNS-
dc.subject.keywordPlusEXPECTED RETURNS-
dc.subject.keywordPlusACCRUALS QUALITY-
dc.subject.keywordPlusREALIZED RETURNS-
dc.subject.keywordPlusAVERAGE RETURNS-
dc.subject.keywordPlusLIQUIDITY-
dc.subject.keywordPlusMARKET-
dc.subject.keywordPlusDISCLOSURE-
dc.subject.keywordPlusVOLUME-
dc.subject.keywordPlusPROFITABILITY-
dc.description.journalRegisteredClassssci-
dc.description.journalRegisteredClassscopus-
Files in This Item
There are no files associated with this item.
Appears in
Collections
College of Business Administration > Department of Accounting > 1. Journal Articles
Show simple item record

qrcode

Items in ScholarWorks are protected by copyright, with all rights reserved, unless otherwise indicated.

Related Researcher

Researcher Park, Kyungho photo

Park, Kyungho
College of Business Administration (Department of Accounting)
Read more

Altmetrics

Total Views & Downloads

STATISTICS
Total View :8,219,279
Today View :1,439

RSS_1.0 RSS_2.0 ATOM_1.0

CONTACT US

Soongsil University Library 369 Sangdo-Ro, Dongjak-Gu, Seoul, Korea (06978)02-820-0733

COPYRIGHT ⓒ SOONGSIL UNIVERSITY, ALL RIGHTS RESERVED.

Certain data included herein are derived from the © Web of Science of Clarivate Analytics. All rights reserved.
You may not copy or re-distribute this material in whole or in part without the prior written consent of Clarivate Analytics.

BROWSE

한국어