Review of Accounting Studies

, Volume 12, Issue 2–3, pp 479–485 | Cite as

Discussion of “How disclosure quality affects the level of information asymmetry”

  • Yonca Ertimur


Brown and Hillegeist (2007) examine how disclosure quality relates to information asymmetry. Specifically, the authors show that the negative association between the overall quality of a firm’s disclosures and the average level of information asymmetry is primarily driven by the negative association between disclosure quality and the frequency of information events. My discussion focuses on issues surrounding proxies for information asymmetry and disclosure quality the authors use. I also suggest some venues for future research.


Disclosure quality Information asymmetry Informed trading Private information events 

JEL Classifications

M41 D82 


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Copyright information

© Springer Science+Business Media, LLC 2007

Authors and Affiliations

  1. 1.The Fuqua School of BusinessDuke UniversityDurhamUSA

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