Determinants of Corporate Financial Disclosure in an Unregulated Environment: Evidence from the Early 20th Century

References

• Arnold , A. J. 1997 . Publishing your private affairs to the world: corporate financial disclosures in the UK (1900–24) . Accounting, Business and Financial History , 2 : 143 – 173 .
   Google Scholar
• Arnold , A. J. 1998 . UK accounting disclosure practices and information asymmetry during the first quarter of the twentieth century: the effects on book returns and dividend cover . Journal of Business Finance and Accounting , 25 ( 7/8 ) : 775 – 794 .
   Google Scholar
• Barton , J. and Waymire , G. 2004 . Investor protection under unregulated financial reporting . Journal of Accounting and Economics , 38 : 65 – 116 .
   Web of Science ®Google Scholar
• Baskin , J. B. and Miranti , P. J. Jr. 1997 . A History of Corporate Finance , Cambridge : Cambridge University Press .
   Google Scholar
• Bhattacharya , S. 1979 . Imperfect information, dividend policy and the ‘bird in the hand’ fallacy . Bell Journal of Economics , 10 : 259 – 270 .
   Google Scholar
• Botosan , C. A. 1997 . Disclosure level and the cost of equity capital . The Accounting Review , 72 : 323 – 349 .
   Web of Science ®Google Scholar
• Camfferman , K. 1997 . Voluntary Annual Report Disclosure by Listed Dutch Companies, 1945–1983 , New York : Garland .
   Google Scholar
• Camfferman , K. 2000 . Jaarrekeningpublicatie door beursgenoteerde naamloze vennootschappen in Nederland tot 1910 . Jaarboek Nederlands Economisch Archief , 63 : 71 – 103 .
   Google Scholar
• Carosso , V. P. 1970 . Investment Banking in America: A History , Cambridge, MA : Harvard University Press .
   Google Scholar
• Chlepner , B. S. 1930 . Le marché financier depuis cent ans , Brussels : Falk . [The Financial Markets since 100 Years]
   Google Scholar
• Choi , W. 2007 . Bank relationships and the value relevance of the income statement. Evidence from income statement conservatism . Journal of Business, Finance and Accounting , 34 : 1051 – 1072 .
   Web of Science ®Google Scholar
• De Beelde, I. (1992) Accounting information and its use in a number of Belgian coalmines during the first half of the twentieth century. Unpublished PhD dissertation, Ghent University
   Google Scholar
• De Long , J. B. 1991 . “ Did J. P. Morgan's men add value? An economist's perspective on financial capitalism ” . In Inside Business Enterprise: Historical Perspectives on the Use of Information , Edited by: Temin , P. Chicago : University of Chicago Press .
   Google Scholar
• Deloof , M. and Van Overfelt , W. 2008 . Were modern capital structure theories valid in Belgium before World War I? . Journal of Business Finance and Accounting , 35 ( 3/4 ) : 491 – 515 .
   Web of Science ®Google Scholar
• Deloof, M., Roggeman, A. and Van Overfelt, W. (2007) Who's afraid of universal banks? Universal bank affiliations and corporate dividend policy in pre-World War I Belgium, Working Paper, University of Antwerp.
   Google Scholar
• Durviaux , R. 1947 . La Banque Mixte: Origine et Soutien de l'Expansion Economique de la Belgique , Brussels : Etablissements Emile Bruylant . [The Mixed Bank: Origin and Support of the Economic Expansion of Belgium]
   Google Scholar
• Easterbrook , F. H. 1984 . Agency-cost explanations of dividends . American Economic Review , 74 : 650 – 659 .
   Web of Science ®Google Scholar
• Edwards , J. R. 1989 . A History of Financial Accounting , London : Routledge .
   Google Scholar
• Fohlin , C. 2007 . Finance Capitalism and Germany's Rise to Industrial Power , Cambridge : Cambridge University Press .
   Google Scholar
• François , A. 1902 . Principes de comptabilité des sociétés par actions à l'usage des administrateurs, commissaires, directeurs et actionnaires de sociétés , Ghent : Vandeweghe . [Principles of Accounting of Limited Liability Companies, for the Use of Administrators, Directors and Shareholders]
   Google Scholar
• Franks , J. , Mayer , C. and Wagner , H. F. 2006 . The origins of the German corporation – finance, ownership and control . Review of Finance , 10 ( 4 ) : 537 – 585 .
   Google Scholar
• Frère , L. 1951 . Etude historique des sociétés anonymes belges , Brussels : Desmet-Verteneuil . [Historical Study of the Belgian Limited Liability Companies]
   Google Scholar
• Grossman , S. J. and Hart , O. D. 1980 . Takeover bids, the free-rider problem, and the theory of the corporation . Bell Journal of Economics , 11 : 42 – 54 .
   Google Scholar
• Hawkins , D. F. 1963 . The development of modern financial reporting practices among American manufacturing corporations . Business History Review , 37 : 135 – 168 .
   Google Scholar
• Healy , P. M. and Palepu , K. G. 2001 . Information asymmetry, corporate disclosure and the capital markets: a review of the empirical disclosure literature . Journal of Accounting and Economics , 31 : 405 – 440 .
   Web of Science ®Google Scholar
• Jensen , M. C. 1986 . Agency costs of free cash flow, corporate finance and takeovers . American Economic Review , 76 : 323 – 329 .
   Web of Science ®Google Scholar
• John , K. and Williams , J. 1985 . Dividends, dilution, and taxes: a signaling equilibrium . Journal of Finance , 45 : 1053 – 1070 .
   Google Scholar
• Kurgan-Van Hentenryk , G. 1997 . “ The Société Générale, 1850–1934 ” . In The Generale Bank , Edited by: Van der Wee , H. Tielt : Lannoo .
   Google Scholar
• Lang , M. and Lundholm , R. 1993 . Cross-sectional determinants of analyst ratings of corporate disclosure . Journal of Accounting Research , 31 : 246 – 271 .
   Web of Science ®Google Scholar
• Miller , G. S. 2002 . Earnings performance and discretionary disclosure . Journal of Accounting Research , 40 : 173 – 204 .
   Web of Science ®Google Scholar
• Miller , M. H. and Rock , K. 1985 . Dividend policy under asymmetric information . Journal of Finance , 45 : 1031 – 1051 .
   Google Scholar
• Musacchio , A. 2008a . Can civil law countries get good institutions? Creditor rights and bond markets in Brazil (and the world), 1850–2003 . Journal of Economic History , 68 : 80 – 108 .
   Web of Science ®Google Scholar
• Musacchio, A. (2008b) Do legal origins have persistent effects over time? A look at law and finance around the world c. 1900, Working Paper, Harvard Business School
   Google Scholar
• Perotti , E. and Von Thadden , E.-L. 2005 . Dominant investors and strategic transparency . Journal of Law, Economics & Organization , 21 ( 1 ) : 76 – 102 .
   Web of Science ®Google Scholar
• Petersen , M. A. 2009 . Estimating standard errors in finance panel data sets: comparing approaches . Review of Financial Studies , 22 : 436 – 480 .
   Google Scholar
• Rajan , R. G. and Zingales , L. 2003 . The great reversals: the politics of financial development in the 20th century . Journal of Financial Economics , 69 ( 1 ) : 5 – 50 .
   Web of Science ®Google Scholar
• Ramirez , C. D. 1995 . Did J. P. Morgan's men add liquidity? Corporate investment, cash-flow and financial structure at the turn of the twentieth century . Journal of Finance , 50 ( 2 ) : 661 – 678 .
   Google Scholar
• Resteau , C. 1913 . Commentaire Législatif de la Loi du 25 mai 1913 Portant Modifications aux Lois sur les Sociétés Anonymes , Brussels : Imprimerie Veuve Ferdinand Larcier . [Legislative Comment on the Law of 25 May 1913 Regarding Changes in Limited Liability Company Laws]
   Google Scholar
• Simon , M. C. 1998 . The rise and fall of bank control in the United States: 1890–1939 . American Economic Review , 88 : 1077 – 1093 .
   Web of Science ®Google Scholar
• Sivakumar , K. N. and Waymire , G. 1993 . The information content of earnings in a discretionary reporting environment: evidence from NYSE industrials, 1905–1910 . Journal of Accounting Research , 31 : 62 – 91 .
   Web of Science ®Google Scholar
• Théate , T. 1905 . Les Sociétés Anonymes: Abus et Remèdes , Paris : Mish & Thron . [Limited Liability Companies: Abuses and Remedies]
   Google Scholar
• Van Nieuwerburgh , S. , Cuyvers , L. and Buelens , F. 2006 . Stock market development and economic growth in Belgium . Explorations in Economic History , 43 : 13 – 38 .
   Web of Science ®Google Scholar
• Van Overfelt , W. , Annaert , J. , De Ceuster , M. and Deloof , M. 2009 . Do universal banks create value? Universal bank affiliation and company performance in Belgium, 1905–1909 . Explorations in Economic History , 46 : 253 – 265 .
   Web of Science ®Google Scholar
• Warner , J. B. , Watts , R. L. and Wruck , K. H. 1988 . Stock prices and top management changes . Journal of Financial Economics , 20 : 461 – 492 .
   Web of Science ®Google Scholar
• Yosha , O. 1995 . Information disclosure costs and the choice of financing structure . Journal of Financial Intermediation , 4 : 3 – 20 .
   Web of Science ®Google Scholar