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11WTO1WTO2WTO3WTOWTO20011999121999WTO199917772004331000842001202WTOWTOWTOWTO1999WTOWTOWTO20009WTO1999WTO200020002000200020001999WTOVerrecchia1990;FrankelMcNicholsWilson1995;Darrough1990discretionarydisclosure(Sengupta1998)(Skinner1994)1WTO2WTOWTO(2000)3IASC1989Basu1997PopeWalker1999WTO1WTO2LenandPenman1990WTO(2000)12WTO19992001WTOWTOWTOWTOWTOWTO4WTO1H1WTOWTOWTO2000WTO2000WTOWTO2H2WTOWTOWTO(1999)2000WTO2WTO3H3WTOProbitmodel1WTO1YWTO1025INDU12FDINTERNHINDU3LNTALEDU1999ROE1999RCASH1999RMOP1999DRO19992000DRO2000multinomiallogitmodel23YWTO012LangLundholm199349261999199994923WTOWTOWTO51WTO23()463451998BH12101019992000WTO19992000WTO1WTOWTO35338.1%22482WTO(1)272ABCDEFHIJKLM2WTOWTO80.6%60.0%44.4%50.0%(3)34WTO209262.16%8567125512.67%455LEDU27%(ROE)7%640%-562%LNTA11.55(RCASH)8.13%(RMOP)-1%(5)121H1WTO126P=PrY=0=FXX1INTERN0101LINDU8LEDU1ABCDL105D2000INTERN0(LN(TA))1%INTERN0WTOWTOWTO1216FDROERCASHRMOPDRO1999DRO2000WTOWTO1INTERN0INTERN110110LINDULEDU21D255151093WTO(H2)(H3)2283(INDU(I))WTOINTERN02INTERN277WTO(Y=1)INDUCHWTOCWTO200020007INTERN1INTERN220002000LEDU10%WTOWTOROEWTOWTO(Y=2)INTERN1INTERN2LINDULN(TA)WTO10WTOWTOWTO2ROE63WTOWTOWTO1WTOWTO2WTO3WTO.2000.WTO....2000..130-36.IASC1989..2001.WTO.758-61..1999....1999.WTO.731-33..2000..111-13..2000..116-18..1999.WTO.628-31.61996124109199932710620012253611.2000.WTO..219-20..2000..742-48..2000..376-79..2000.WTO..722-23..2000.WTO....2000.WTO.558-61.BasuS.(1997)”Theconservatismprincipleandtheasymmetrictimelinessofearnings”JournalofAccountingandEconomics24:3-37.DarroughM.N.andN.M.Stoughton(1990)“Financialdisclosurepolicyinanentrygame”JournalofAccountingandEconomics12:219-243.FrankelR.M.McNicholsandG.P.Wilson(1995)“Discretionarydisclosureandexternalfinancing”TheAccountingReview70:135-150.LangM.R.Lundholm(1993)“Cross-sectionaldeterminantsofanalystsratingsofcorporatedisclosures”JournalofAccountingResearch31:246-271.LenB.andS.H.Penman(1990)”Voluntaryforecastdisclosurenondisclosureandstockprices”JournalofAccountingResearch28:49-76.PopeP.F.andM.Walker(1999)”Internationaldifferencesinthetimelinessconservatismandclassificationofearnings”JournalofAccountingResearch37:53-87.SenguptaP.(1998)“Corporatedisclosurequalityandthecostofdebt”TheAccountingReview73:459-474.SkinnerD.J.(1994)”Whyfirmsvoluntarilydisclosebadnews”JournalofAccountingResearch32:38-60.VerrecchiaR.E.(1990)”Informationqualityanddiscretionarydisclosure”JournalofAccountingandEconomics12:365-380.12WTOABCDEFHIJKLM4116925612581172113735223.511.130.580.630.038.758.020.056.748.816.749.338.210640011030011815.90.011.50.00.03.210.060.00.00.016.71.38.824493128024088311.844.48.89.75.06.58.00.06.79.30.010.79.04314717147071231822323.533.326.43.235.045.17.00.023.327.950.024.024.2611262621714611118335.311.222.66.530.06.517.020.013.314.016.614.719.817955531203110053043675922*100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0*4329632.00636.80626.7013014.0011612.5266772.031202.1630.3210.11171.84121.30535.722374.00161.73202.16778.32566.0520622.2535338.16828.85838.9722424.2618419.87926100.0017425.93365.37334.929814.619714.4643865.28608.94233.43182.688512.67477.0023334.7223434.87598.79517.6018327.2714421.46671100.00WTO35338.1828.9839.022424.218419.8926100.013*255VariableNMeanStdDevSumMinimumMaximumLEDU6910.270.22188.950.011.00ROE9260.070.4761.20-5.626.40LNTA92611.550.8410693.009.4115.34RCASH9248.1366.847508.95-1313.221154.02RMOP924-0.012.19-12.49-60.2417.20P=PrY=0=FX1FPROBITLOGIT2*10%**5%***1%12ChiSquarePrChiEstimateChiSquarePrChiINTERCPT1.9367.3660.007***2.1054.0710.044**INDU(I)-0.5420.6280.4280.5740.4310.512INDU(A)-0.6833.2980.069*-0.0570.0120.913INDU(B)-1.1183.5170.061*-6.0490.0000.999INDU(C)-0.4708.7950.003***-0.1670.4310.511INDU(D)0.8528.0440.005***1.60912.4640.000***INDU(E)-0.4401.7280.189-0.3490.5720.450INDU(F)-0.2390.7420.389-0.1490.1310.717INDU(H)0.1971.0080.3150.4472.2340.135INDU(J)0.1670.3470.5560.4650.9850.321INDU(K)-0.1740.5060.4770.5502.1790.140INDU(L)-1.0662.9190.088*-0.1270.0260.871FD-0.0940.4880.485-0.2041.2620.261INTERN00.55327.4580.000***0.56011.5950.001***INTERN10.2630.6430.423LINDU0.0550.1440.704LN(TA)-0.19711.7300.001***-0.2408.7740.003***LEDU0.0960.0890.765ROE-0.0921.0600.303-0.0580.2090.648RCASH0.0000.0670.796-0.0021.2680.260RMOP-0.0190.4310.512-0.0230.2920.589DRO1999-0.0870.4220.5160.0520.0750.784DRO2000-0.0300.0660.7970.0360.0520.820-552.256-284.009920.000495.00014Y=012Y=1Y=2-tP-value-tP-valueINDU(A)0.0930.3080.758-0.149-0.4180.676INDU(B)-0.078-0.1850.853-0.575-1.1600.246INDU(C)0.3242.8130.005***-0.157-1.1610.246INDU(D)0.0120.0270.9780.3290.6590.510INDU(E)0.0610.2650.7910.1950.7160.474INDU(F)-0.016-0.0900.9280.2711.2920.197INDU(H)0.3532.4440.015**-0.262-1.5410.123INDU(J)-0.037-0.1400.8890.3411.0980.272INDU(K)0.0230.1100.9120.1180.4870.626INDU(L)0.3191.0330.302-0.074-0.2040.839FD-0.161-1.8520.064*0.1101.0760.282INTERN1-0.232-1.6490.099*0.4662.8130.005***INTERN2-0.146-2.2460.025**0.1992.5980.009***LINDU-0.073-1.1630.2450.1251.6860.092*LEDU0.3091.8530.064*-0.006-0.0310.975LNTA0.0020.2020.8400.0443.7220.000***R