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Robert E. Verrecchia
Researcher at University of Pennsylvania
Publications - 102
Citations - 24087
Robert E. Verrecchia is an academic researcher from University of Pennsylvania. The author has contributed to research in topics: Cost of capital & Information asymmetry. The author has an hindex of 43, co-authored 101 publications receiving 22383 citations. Previous affiliations of Robert E. Verrecchia include University of Chicago.
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Disclosure, Liquidity, and the Cost of Capital
TL;DR: In this article, the authors studied the causes and consequences of a security's liquidity, especially the effect of future liquidity on the security's current price-equivalently the effect on its required expected rate of return, its cost of capital.
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The Economic Consequences of Increased Disclosure
TL;DR: In this paper, the authors study German firms that have switched from the German to an international reporting regime (1AS or U.S. GAAP) and 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 reporting regime.
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Constraints on short-selling and asset price adjustment to private information
TL;DR: In this paper, the effects of short-sale constraints on the speed of adjustment (to private information) of security prices are modeled. But short-sellers do not bias prices upward, while non-prohibitive costs have the reverse effect.
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Market liquidity and volume around earnings announcements
Oliver Kim,Robert E. Verrecchia +1 more
TL;DR: In this paper, the authors suggest that earnings announcements provide information that allows certain traders to make judgements about a firm's performance that are superior to the judgements of other traders, and that there may be more information asymmetry at the time of an announcement than in nonannouncement periods.
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Accounting Information, Disclosure, and the Cost of Capital
TL;DR: In this paper, the authors examine whether and how accounting information about a firm manifests in its cost of capital, despite the forces of diversification, and demonstrate that the quality of accounting information can influence the costs of capital.