DOI: 10.32657/10356/35943
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Abstract: This paper investigates whether earnings quality affects a firm's cost of equity capital in the Chinese stock market, one of the world's largest and fastest growing emerging markets. Measuring earnings quality as unsigned abnormal accruals and unsigned abnormal non-operating earnings, I find that higher quality of earnings is associated with lower cost of equity in the China's stock market, based on a large sample of partially privatized firms during the period of 1994-2004. Moreover, I find that the enacting …

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