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Investment Opportunity Set and Voluntary Disclosure of Prospective Information: A Simultaneous Equations Approach

Ahmed, Kamran; Hossain, Mahmud; Godfrey , Jayne


This paper examines empirically the relationship between the level of disclosure of prospective information and the investment opportunity set for firms in New Zealand. Using a systems (two-stage least squares) approach that explicitly controls for potential endogeneity between disclosure and IOS, we find that the level of prospective information disclosure is significantly and positively related to IOS in both specifications in our simultaneous analysis. Further, we document that prospective...[Show more]

CollectionsANU Research Publications
Date published: 2005
Type: Journal article
Source: Journal of Business Finance and Accounting
DOI: 10.1111/j.0306-686X.2005.00616.x


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