Please use this identifier to cite or link to this item: https://doi.org/10.1016/j.pacfin.2003.06.002
Title: Information asymmetry and estimation risk: Preliminary evidence from Chinese equity markets
Authors: Lam, S.-S. 
Du, J.
Keywords: Auditor certification
Estimation risk
Information asymmetry
Private information production
Voluntary disclosure
Issue Date: 2004
Source: Lam, S.-S.,Du, J. (2004). Information asymmetry and estimation risk: Preliminary evidence from Chinese equity markets. Pacific Basin Finance Journal 12 (3) : 311-331. ScholarBank@NUS Repository. https://doi.org/10.1016/j.pacfin.2003.06.002
Abstract: This study discusses the implication of information asymmetry between firms and investors for the estimation risk of asset returns. We evaluate various risk measures of information asymmetry between firms and investors for China, an excellent example of a low information environment. We find a significant negative relationship between voluntary disclosure based on U.S. GAAP with certification of a credible audit firm and the variation of risk-adjusted returns. On the other hand, neither private information production nor certified voluntary disclosure is associated with any variation of asset returns in the primary markets. © 2003 Elsevier B.V. All rights reserved.
Source Title: Pacific Basin Finance Journal
URI: http://scholarbank.nus.edu.sg/handle/10635/44506
ISSN: 0927538X
DOI: 10.1016/j.pacfin.2003.06.002
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