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Can Internet-Based Disclosure Reduce Information Asymmetry?

Abstract : The Internet is widely used by listed companies to manage investor relations. Since January 2007, the French Financial Authority has required companies listed on Euronext-Paris to disclose all mandatory financial information via the Internet in order to enhance information transparency. This paper examines the impact of Internet-based disclosure on the French stock market by analyzing the relationship between information asymmetry and Internet disclosure practices. Extending previous studies on Web-based disclosure, a checklist of 40 items is developed to evaluate the level of Internet-based voluntary disclosure. Measuring information asymmetry by the spread and the probability of informed trading, we show that greater Web-based disclosure lowers information asymmetry in the French financial market.
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Jean-François Gajewski, Li Li. Can Internet-Based Disclosure Reduce Information Asymmetry?. Advances in Accounting, Elsevier, 2015, 31 (1), pp.115-124. ⟨10.1016/j.adiac.2015.03.013⟩. ⟨halshs-01497381⟩



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