Does graph disclosure bias reduce the cost of equity capital?

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• Flora Muiño is at the Departamento de Economía de la Empresa, Universidad Carlos III de Madrid and Marco Trombetta is at the Instituto de Empresa Business School, Madrid. The authors would like to acknowledge the financial support of the Spanish Ministry of Education through grants SEJ2004–08176‐C02–02 and SEJ2007–67582‐CO2–01/02. They appreciate the invaluable comments of the editor, two anonymous referees and from Salvador Carmona, Juan Manuel Garcia Lara, Miles Gietzmann, Manuel Illueca, Giovanna Michelon, Tashfeen Sohail, seminar participants at Universidad Carlos III (Madrid – Spain), Instituto de Empresa (Madrid – Spain), University of Padova (Italy), participants of the 29th annual EAA meeting (Dublin – Ireland) and participants to the 5th Workshop on Empirical Research in Financial Accounting (Madrid – Spain). All remaining errors are the authors’ responsibility only. Correspondence should be addressed to: Prof. Marco Trombetta, Instituto de Empresa Business School, Department of Accounting and Management Control, Calle Pinar 15 – 1B, 28006, Madrid (Spain). Tel: +34 917451369. Fax: +34 917451376. E‐mail: [email protected].
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