This paper examines the association between voluntary disclosure, earnings announcement lag and the cost of debt in Hong Kong. The research sample consists of 20 listed companies in the Hong Kong Stock exchange over the period spanning from 2008 to 2011. A disclosure checklist is used to measure the extent of voluntary disclosure in companies ‘annual reports. Earnings announcement lag is proxied by the difference between the end of fiscal year and the publication date of financial statements. Results of this study confirm that voluntary disclosure and earnings announcements lag reduce the cost of debt in Hong Kong. These findings suggest that voluntary disclosures play an essential role in reducing cost of debt in Hong Kong context, and managers tend to disclose in early manner to reduce the information asymmetry between their firm and creditors. These findings may have policy implications for managers since they demonstrate that the extent of voluntary and timely disclosures affect the cost of debt.

Construction operations are blamed as one of important causes of green gas effects. During the past few decades, there has been tremendous efforts to reduce the negative effects of construction operations on environment. This paper presents an application of data envelopment analysis to measure the relative efficiencies of the researches accomplished by various countries around the world on green construction or green management. The study expects countries that produce higher amount of CO2 accomplish more quality research articles. To do this, the study performs a survey using three keywords; namely “green construction”, “green building” and “sustainable building” on Scopus database and found 8692 articles over the period 1965-2019 where one of these keywords, at least, was used in their abstracts, keywords or titles. We also use three measures of h-index, I-10 and total publications repre-sentative of quality and quantity of the outputs produced by researchers. The study considers 28 countries responsible for at least 90% of CO2 emission for measuring the relative efficiency program using data envelopment analysis. The results indicate that Hong Kong was the only efficient country followed by Singapore with relative efficiency of 0.67.