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University of Fribourg (Switzerland)Faculty of Economics and Social Sciences
 
INVESTOR RELATION INTERNETDISCLOSURE AND THE COST OFEQUITY CAPITAL
An Empirical AnalysisThesisPresented to the Faculty of Economics and Social Sciencesof the University of Fribourg (Switzerland)in fulfillment of the requirements for the degree of Doctor of Economics and Social Sciencesby
EWA A. FROIDEVAUX
fromPolandAccepted by the Faculty’s Council on 9 November 2004 at the proposal of Professor Dr. Jacques Pasquier-Dorthe, University of Fribourg, Switzerland (First Reporter)andProfessor Dr. Tung X. Bui, University of Hawai’i, USA (Second Reporter)Fribourg (Switzerland)2004
 
 II«The Faculty of Economics and Social Sciences at the University of Fribourg(Switzerland) neither approves nor disapproves the opinions expressed in a doctoraldissertation: they are to be considered those of the author (decision of theFaculty council of 23 January 1990)».
 
 III
Table of Contents
Table of Contents...................................................................................................................................II
 
List of Tables and Figures....................................................................................................................IV
 
Abbreviations and Symbols..................................................................................................................VI
 
Abstract...................................................................................................................................................1
 
1.
 
INTRODUCTION...........................................................................................................2
 
2.
 
COMPREHENSIVE REVIEW OF THE DISCLOSURE LITERATURE...............4
 
3.
 
INVESTOR RELATION WEB SITE CONTENT ANALYSIS OF US FIRMS....22
 3.1 R
EVIEW OF
R
ELATED
R
ESEARCH
.............................................................................233.2 R
ESEARCH
D
ESIGN
...................................................................................................253.3 E
MPIRICAL
R
ESULTS OF THE
C
ONTENT
A
NALYSIS
...................................................30
4.
 
INVESTOR RELATION INTERNET DISCLOSURE LEVEL AND THE COSTOF EQUITY CAPITAL..............................................................................................42
 4.1 R
EVIEW OF
P
REVIOUS
R
ESEARCH
............................................................................434.2 R
ESEARCH
D
ESIGN AND
H
YPOTHESIS
D
EVELOPMENT
.............................................464.3 E
MPIRICAL
I
MPLEMENTATION
..................................................................................524.4 E
MPIRICAL
R
ESULTS
................................................................................................64
5.
 
RESULTS, IMPLICATIONS AND LIMITATIONS................................................73
 5.1 S
UMMARY AND
I
NTERPRETATION OF
R
ESULTS
........................................................735.2 L
IMITATIONS AND
S
UGGESTIONS FOR
F
UTURE
R
ESEARCH
.......................................75
References.............................................................................................................................................79
 
Appendix..............................................................................................................................................91
 
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