Zhang, H.

frequency information equity information asymmetry fi rms asymmetry result journal disclosure accounting value model return control measure regression report fi nancial sample economic nancial increase information asymmetry /cost variable impact control variables market effect change ratio control fi rms signi / journal table period panel ficient correlation coef ficient fama-french three-factor model spread level capm model industry approach ficant observation earning research price verrecchia equity measure calendar year signi ficant treatment ols results fi scal-year end book value price impact estimate ep ratio /cost evidence coeff 3 stock 2 sls procedure study article frequency increases fi rm size market value fama-french coecapm bid-ask coeff sample size equity measures investor sample period fi nancial statements