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Francis, J., Khurana, I. and Pereira, R. (2003) Global Evidence on Incentives for Voluntary Accounting Disclosures and the Effect on Cost of Capital. College of Business Working Paper, University of Missouri at Columbia.

has been cited by the following article:

• TITLE: Are Participants in Bond Market Concerned about the Quality of Information Disclosure: Evidence from Chinese Listed Companies

  AUTHORS: Huan Luo, Changhai Yu, Ran Su

  KEYWORDS: Information Disclosure Quality, China’s Bond Market, Credit Rating, Bond Financing Cost

  JOURNAL NAME: Modern Economy, Vol.5 No.11, October 14, 2014

  ABSTRACT: High quality of information disclosure can reduce the information asymmetry, which is very important to the effective operation of the capital market. This article studies whether participants in bond market are concerned about the quality of information disclosure based on a sample of listed companies in China’s bond market from 2007 to 2013. We find that there is no significant relationship between information disclosure quality and credit rating, indicating the credit rating agencies are not concerned about information disclosure quality. However, we find information disclosure quality can significantly reduce the bond financing cost, which indicates that bond investors are concerned about information disclosure quality.