Thinly Traded Growth Stocks: A Joint Examination of Transparency in Communication and the Trading Platform

References

• Ahmed, K. and Courtis, J. (1999) Associations between corporate characteristics and disclosure levels in annual reports: a meta-analysis, British Accounting Review, 31(1), pp. 35–61. doi: 10.1006/bare.1998.0082
   Google Scholar
• Aiken, L. S. and West, S. G. (1991). Multiple Regression: Testing and Interpreting Interactions, (Newbury Park, CA: Sage).
   Google Scholar
• Amihud, Y. (2002) Illiquidity and stock returns, Journal of Financial Markets, 5(1), pp. 31–56. doi: 10.1016/S1386-4181(01)00024-6
   Web of Science ®Google Scholar
• Amihud, Y. and Mendelson, H. (2008) Liquidity, the value of the firm, and corporate finance, Journal of Applied Corporate Finance, 20(2), pp. 32–45. doi: 10.1111/j.1745-6622.2008.00179.x
   Google Scholar
• Anthony, J. H. and Ramesh, K. (1992) Association between accounting performance measures and stock prices: a test of the life cycle hypothesis, Journal of Accounting and Economics, 15(2–3), pp. 203–227. doi: 10.1016/0165-4101(92)90018-W
   Web of Science ®Google Scholar
• Balakrishnan, K., Billings, M., Kelly, B. and Ljungqvist, A. (2011) Shaping liquidity: on the causal effects of voluntary disclosure. Working paper.
   Google Scholar
• Brown, S. and Hillegeist, S. A. (2007) How disclosure quality affects the level of information asymmetry, Review of Accounting Studies, 12(2/3), pp. 443–477. doi: 10.1007/s11142-007-9032-5
   Web of Science ®Google Scholar
• Bushee, B. and Miller, G. (2012) Investor relations, firm visibility, and investor following, The Accounting Review, 87(3), pp. 867–897
   Web of Science ®Google Scholar
• Chen, S., Matsumoto, D. A. and Rajgopal, S. (2011) Is silence golden? An empirical analysis of firms that stop earnings guidance, Journal of Accounting and Economics, 51(1), pp. 134–50. doi: 10.1016/j.jacceco.2010.10.006
   Web of Science ®Google Scholar
• Christie, W., Harris, J. and Schultz, P. (1994) Why did NASDAQ market makers stop avoiding odd-eighth quotes, Journal of Finance, 49(5), pp. 1813–1840. doi: 10.1111/j.1540-6261.1994.tb04782.x
   Web of Science ®Google Scholar
• Clinch, G. and Verrecchia, R. E. (2011) Endogenous disclosure choice. Working paper.
   Google Scholar
• Cohen, D. A. (2008) Does information risk really matter? An analysis of the determinants and economic consequences of financial reporting quality, Asia Pacific Journal of Accounting and Economics, 15(2), pp. 69–90. doi: 10.1080/16081625.2008.9720812
   Web of Science ®Google Scholar
• Daske, H., Hail, L., Leuz, C. and Verdi, R. (2008) Mandatory IFRS reporting around the world: early evidence on the economic consequences, Journal of Accounting Research, 46(5), pp. 1085–1142.
   Web of Science ®Google Scholar
• De Jong, F. and Rindi, B. (2009). The Microstructure of Financial Markets, (Cambridge: Cambridge Pub).
   Google Scholar
• Dutta, P. K. and Madhaven, A. (1997) Competition and collusion in dealer markets, Journal of Finance, 52(1), pp. 245–276. doi: 10.1111/j.1540-6261.1997.tb03815.x
   Web of Science ®Google Scholar
• Espinosa, M., Tapia, M. and Trombetta, M. (2008) Disclosure and liquidity in a driven by orders market: empirical evidence from panel data, Investigaciones Economicas, 23(3), pp. 339–370.
   Google Scholar
• Hail, L. (2002) The impact of voluntary corporate disclosures on the ex-ante cost of capital for Swiss firms, The European Accounting Review, 11(4), pp. 747–773. doi: 10.1080/0963818022000001109
   Google Scholar
• Harris, L. (2003). Trading & Exchanges: Market Microstructure for Practitioners, (Oxford: Oxford University Press).
   Google Scholar
• Healy, P. M., Hutton, A. and Palepu, K. (1999) Stock performance and intermediation changes surrounding sustained increases in disclosure, Contemporary Accounting Research, 16(3), pp. 485–520. doi: 10.1111/j.1911-3846.1999.tb00592.x
   Google Scholar
• Kim, O. and Verrecchia, R. (1994) Market liquidity and volume around earnings announcements, Journal of Accounting and Economics, 17(1/2), pp. 41–67. doi: 10.1016/0165-4101(94)90004-3
   Web of Science ®Google Scholar
• Lang, M. and Lundholm, R. (1993) Cross-sectional determinants of analyst ratings of corporate disclosures, Journal of Accounting Research, 31(2), pp. 246–271. doi: 10.2307/2491273
   Web of Science ®Google Scholar
• Lang, M., Lins, K. V. and Maffett, M. (2012) Transparency, liquidity and valuation: international evidence, Journal of Accounting Research, 50(3), pp. 729–774
   Web of Science ®Google Scholar
• Larcker, D. F. and Rusticus, T. O. (2010) On the use of instrumental variables in accounting research, Journal, of Accounting and Economics, 49(3), pp. 186–205. doi: 10.1016/j.jacceco.2009.11.004
   Web of Science ®Google Scholar
• Leuz, C. and Verrecchia, R. (2000) The economic consequences of increased disclosure, Journal of Accounting Research, 38(3), pp. 91–124. doi: 10.2307/2672910
   Web of Science ®Google Scholar
• Mendoza, J. M. (2008) Securities regulation in low-tier listing venues: the rise of the alternative investment market, Fordham Journal of Corporate and Financial Law, 13(2), pp. 257–328.
   Google Scholar
• Nikolaev, V. and van Lent, L. (2005) The endogeneity bias in the relation between cost-of-debt capital and corporate disclosure policy, European Accounting Review, 15(4), pp. 677–724. doi: 10.1080/09638180500204624
   Google Scholar
• Nimalendran, M. and Petrella, G. (2003) Do thinly traded stocks benefit from specialist intervention?, Journal of Banking and Finance, 27(9), pp. 1823–1854. doi: 10.1016/S0378-4266(03)00103-1
   Web of Science ®Google Scholar
• Skinner, D. (1997) Earnings disclosures and stockholders lawsuits, Journal of Accounting and Economics, 23(3), pp. 249–82. doi: 10.1016/S0165-4101(97)00010-4
   Web of Science ®Google Scholar
• Theissen, E. (2003) Trader anonymity, price formation and liquidity, European Finance Review, 7(1), pp. 1–26. doi: 10.1023/A:1022579423978
   Google Scholar
• Verrecchia, R. (2001) Essays on disclosure, Journal of Accounting and Economics, 32(1/3), pp. 97–180. doi: 10.1016/S0165-4101(01)00025-8
   Web of Science ®Google Scholar
• Welker, M. (1995) Disclosure policy, information asymmetry, and liquidity in equity markets, Contemporary Accounting Research, 11(2), pp. 801–827. doi: 10.1111/j.1911-3846.1995.tb00467.x
   Google Scholar