Transparency and the Debt Market (B09)

Franke和科西（B09）调查了债务提供者对财务信息的需求。作为第一步，他们探讨债务市场相关的透明度监管，并确定这种监管对透明度的影响。接下来，他们研究了发行公共债务的私人公司，以隔离债务市场透明度的激励。最后，他们调查公司的定性披露是否超出了已经包含在定量会计数字。两者合计，结果将有助于了解匹配的需求和供应的信息在债务市场，从而解决债务市场的作用，公司的透明度。

Franke and Kosi (B09) investigate the demand of debt providers for financial information. As a first step, they explore debt-market related transparency regulation and identify the effect of this regulation on transparency. Next, they study private firms that issue public debt to isolate the debt market incentives of transparency. Finally, they investigate whether firms’ qualitative disclosure goes beyond what is already contained in quantitative accounting numbers. Taken together, the results will help to understand the matching of demand for and supply of information in debt markets, and thus address the role of debt markets for firm transparency.