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Voluntary Disclosure in a Cournot-Bertrand Duopoly

Kopel, Michael - 2020

The literature on voluntary disclosure in oligopolies concentrates either on Cournot markets where firms compete in quantities or on Bertrand markets where firms compete in prices. In this paper we study voluntary disclosure of managerial contract information in a Cournot-Bertrand duopoly where...

Persistent link: https://www.econbiz.de/10012831460

Voluntary Disclosure and the Cost of Capital

Clinch, Greg - 2013

We investigate the association between voluntary disclosure and the risk-related discount investors apply to price. First, we study the association between (endogenous) disclosure choice and the discount in price induced by changes in the underlying model parameters: this is akin to an empirical...

Persistent link: https://www.econbiz.de/10013072944

Voluntary Disclosure and Informed Trading

Petrov, Evgeny - 2020

I study the impact of informed trading on voluntary corporate disclosure in the presence of two frictions: cost of disclosure and value of manager's informedness. In the absence of both frictions, informed trading has no impact on disclosure even when traders are not certain whether the manager...

Persistent link: https://www.econbiz.de/10012854799

Voluntary Disclosure of Evidence in Plea Bargaining

Cuellar, Pablo - 2022

I study how voluntary disclosure of information affects outcomes in plea bargaining. A prosecutor negotiates a sentence with a defendant who privately knows whether he is guilty or innocent. The prosecutor can gather evidence regarding the defendant's type during negotiations, and a trial...

Persistent link: https://www.econbiz.de/10013307746

Does Disclosure Improve Efficiency?

Han, Bing - 2014

This paper investigates the efficiency consequences of firm disclosure. Using accounting and financial data in the … reduces the amount of information learned by firms from market prices, which in turn harms investment efficiency. Our results … indicate that disclosure can negatively affect market efficiency and real investment performance in markets where noise trading …

Persistent link: https://www.econbiz.de/10013066403

Strategic Complexity in Disclosure

Aghamolla, Cyrus; Smith, Kevin - 2021

Extensive evidence suggests that managers strategically choose the complexity of their descriptive disclosures. However, their motives in doing so appear mixed, as complex disclosures are used to obfuscate in some cases and as a means of informative communication in others. Building on these...

Persistent link: https://www.econbiz.de/10013210882

The Effect of Investor Inattention on Voluntary Disclosure

Basu, Riddha - 2020

We employ a quasi-natural experiment to examine the effect of investor inattention on firms' voluntary disclosure. While prior research focuses on when managers make mandatory disclosures within a given quarter, we examine whether investor inattention influences what managers voluntarily...

Persistent link: https://www.econbiz.de/10012853451

Inconsistent Disclosures

Liu, Yichang; Madsen, Joshua; Zhou, Frank - 2021

Recent SEC regulations mandate that hedge fund advisers provide narrative disclosures of their business and operations. We find that 40% of these disclosures contain inconsistencies regarding advisers' regulatory histories, conflicts of interest (COIs), and risks. Inconsistencies are associated...

Persistent link: https://www.econbiz.de/10013239862

Liquidity, Trade, and Investor-Identity Disclosure

Verrecchia, Robert E.; Zhu, Christina - 2022

This study tests whether disclosing a trader's identity dampens or stimulates subsequent trading volume based on the trader's reputation for being informed. While a reputation for being informed makes markets less liquid, thus inhibiting subsequent trade ("illiquidity effect"), the information...

Persistent link: https://www.econbiz.de/10013298823

The Informativeness of Disclosures

Stamland, Tommy - 2018

Voluntary disclosures convey information through two channels: 1) the direct revelation channel in which the disclosed body of information is used to update beliefs, and 2) the signaling channel in which inferences are drawn from the fact that the firm chose what information to disclose. I study...

Persistent link: https://www.econbiz.de/10012940625

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