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This study investigates the predictive power of aggregate corporate earnings and their four components for future GDP growths. It splits aggregate earnings into operating and non-operating incomes as they have different degrees of permanence. It also splits aggregate earnings into operating cash flows and accruals since earnings management affects them distinctively. This study finds aggregate earnings, operating income, operating cash flows, and accruals as predictors for oneand two-years-ahead GDP growths. However, it does not find such predictive power for aggregate non-operating income. Furthermore, this study splits the research sample based on macroeconomic development level and documents how aggregate earnings have predictive power over the longer horizon in developed countries, while aggregate non-operating income is a good predictor only in developing countries. Meanwhile, when splitting the sample based on earnings quality degree, this study demonstrates that the predictive power of aggregate accruals in a high earnings quality subsample is higher than in the low one. In the context of high (low) earnings quality, the predictive power of aggregate accruals is higher (lower) than that of operating cash flows. Overall, besides supporting previous studies' findings, this study also discovers that corporate earnings components are excellent predictors for future GDP growths. JEL Classification: M21, O16, P44

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The Influence of mandatory disclosure and voluntary disclosure towards cost of equity capital. The purpose of this research is to analyze the effect of mandatory disclosure and voluntary disclosure towards cost of equity capital. This research used the multiple regression and t-test with total asset as a variabel control. The sample used were 84 companies listed in IDX until December 2007. Purposive sampling used as sampling method. The result shows that there is a difference effect of voluntary disclosure between liquid and non liquid company. Mandatory disclosure does not having an affect in liquid and non liquid company. Whereas, voluntary disclosure has significant influence in non liquid company but voluntary disclosure does not affect in liquid company. Abstrak: Pengaruh Tingkat Pengungkapan Wajib dan Pengungkapan Sukarela terhadap Biaya Modal Ekuitas. Tujuan penelitian ini adalah untuk menganalisis pengaruh pengungkapan wajib dan pengungkapan sukarela terhadap biaya modal ekuitas. Penelitian ini menggunakan regresi multipel dan t-test dengan total aset sebagai variabel kontrol. Sampel yang digunakan sejumlah 84 perusahaan yang tercatat di IDX sampai Desember 2007. Metode pengambilan sampel menggunakan purposive sampling. Penelitian ini menunjukkan hasil bahwa terdapat perbedaan pengaruh pengungkapan sukarela antara perusahaan lancar dan tidak lancar. Pengungkapan wajib tidak berpengaruh pada perusahaan lancar dan tidak lancar. Sementara itu, pengungkapan sukarela berpengaruh signifikan pada perusahaan tidak lancar tetapi pengungkapan sukarela tidak berpengaruh pada perusahaan lancar. Kata kunci: pengungkapan wajib, pengungkapan sukarela, biaya modal ekuitas, perusahaan lancar, perusahaan tidak lancar.