Transparency and the Debt Market (B09)

Franke和Kosi(B09)调查了债务提供者对财务信息的需求。作为第一步，他们探索与债务市场相关的透明度监管，并确定这一监管对透明度的影响。接下来，他们研究了发行公共债券的私营公司，以隔离债务市场对透明度的激励。最后，他们调查公司的定性披露是否超出了已经包含在量化会计数字中的范围。综上所述，这些结果将有助于理解债务市场信息需求和供应的匹配，从而解决债务市场在提高公司透明度方面的作用。

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.