Information Uncertainty, Information Asymmetry and Growth Options
Information uncertainty has been an old topic in finance literature. Information uncertainty means ambiguity about a firm’s fundamental value, which may arise from two conventional sources: 1) characteristics of the business or industry, and 2) the company’s disclosure policy. The first source relat...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | fas |
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Allameh Tabataba'i University Press
2012-09-01
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| Series: | مطالعات تجربی حسابداری مالی |
| Subjects: | |
| Online Access: | https://qjma.atu.ac.ir/article_1133_905da8f4d5172177feac9efa18814c7b.pdf |
| _version_ | 1797378304051773440 |
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| author | Mahdi Moradzadehfard Morteza Adlzadeh Maryam Farajzadeh Sedigheh Azimi |
| author_facet | Mahdi Moradzadehfard Morteza Adlzadeh Maryam Farajzadeh Sedigheh Azimi |
| author_sort | Mahdi Moradzadehfard |
| collection | DOAJ |
| description | Information uncertainty has been an old topic in finance literature. Information uncertainty means ambiguity about a firm’s fundamental value, which may arise from two conventional sources: 1) characteristics of the business or industry, and 2) the company’s disclosure policy. The first source related to growth options and second source related to information asymmetry. From investors’ perspective the mechanisms and outcomes of every source are quite different. In this research we use from earning forecast dispersion as a proxy for measuring information uncertainty. We use stock turnover and price impact as proxies for information asymmetry. To control firm’s growth options, we use firm age, market-to-book ratio, and capital expenditure over total assets and Tobin’s Q. We use panel data regression model to analyze information. Our results indicate that information uncertainty has a positive relationship with information asymmetry and growth options. |
| first_indexed | 2024-03-08T20:05:55Z |
| format | Article |
| id | doaj.art-40f2e36fb1694b2097cc86d671cc4c51 |
| institution | Directory Open Access Journal |
| issn | 2821-0166 2538-2519 |
| language | fas |
| last_indexed | 2024-03-08T20:05:55Z |
| publishDate | 2012-09-01 |
| publisher | Allameh Tabataba'i University Press |
| record_format | Article |
| series | مطالعات تجربی حسابداری مالی |
| spelling | doaj.art-40f2e36fb1694b2097cc86d671cc4c512023-12-23T10:35:25ZfasAllameh Tabataba'i University Pressمطالعات تجربی حسابداری مالی2821-01662538-25192012-09-0110391251451133Information Uncertainty, Information Asymmetry and Growth OptionsMahdi Moradzadehfard0Morteza Adlzadeh1Maryam Farajzadeh2Sedigheh Azimi3دانشگاه آزاد کرجدانشگاه علامه طباطبائیدانشگاه علوم اقتصادیدانشگاه الزهراInformation uncertainty has been an old topic in finance literature. Information uncertainty means ambiguity about a firm’s fundamental value, which may arise from two conventional sources: 1) characteristics of the business or industry, and 2) the company’s disclosure policy. The first source related to growth options and second source related to information asymmetry. From investors’ perspective the mechanisms and outcomes of every source are quite different. In this research we use from earning forecast dispersion as a proxy for measuring information uncertainty. We use stock turnover and price impact as proxies for information asymmetry. To control firm’s growth options, we use firm age, market-to-book ratio, and capital expenditure over total assets and Tobin’s Q. We use panel data regression model to analyze information. Our results indicate that information uncertainty has a positive relationship with information asymmetry and growth options.https://qjma.atu.ac.ir/article_1133_905da8f4d5172177feac9efa18814c7b.pdfinformation uncertaintyinformation asymmetrygrowth options |
| spellingShingle | Mahdi Moradzadehfard Morteza Adlzadeh Maryam Farajzadeh Sedigheh Azimi Information Uncertainty, Information Asymmetry and Growth Options مطالعات تجربی حسابداری مالی information uncertainty information asymmetry growth options |
| title | Information Uncertainty, Information Asymmetry and Growth Options |
| title_full | Information Uncertainty, Information Asymmetry and Growth Options |
| title_fullStr | Information Uncertainty, Information Asymmetry and Growth Options |
| title_full_unstemmed | Information Uncertainty, Information Asymmetry and Growth Options |
| title_short | Information Uncertainty, Information Asymmetry and Growth Options |
| title_sort | information uncertainty information asymmetry and growth options |
| topic | information uncertainty information asymmetry growth options |
| url | https://qjma.atu.ac.ir/article_1133_905da8f4d5172177feac9efa18814c7b.pdf |
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