Showing 1 - 10 of 77,495
This paper studies the incentives for interim voluntary disclosure of verifiable information in probabilistic all-pay contests. Provided that the contest is uniformly asymmetric, full revelation is the unique perfect Bayesian equilibrium outcome. This is so because the weakest type of the...
Persistent link: https://www.econbiz.de/10013251018
Encouraging organizations to be more open has been a key issue in contemporary debates over nonprofit accountability. However, our understanding of what motivates organizations to the disclosure decision is weak. We aim to enhance our understanding of this critical issue by developing and...
Persistent link: https://www.econbiz.de/10013105953
We examine a voluntary disclosure that is nonproprietary in nature and simply reflects management's intention to explain how a widely-known nonrecurring economic event is reported in financial statements. The American Taxpayer Relief Act of 2012 (ATRA) retroactively reinstated previously expired...
Persistent link: https://www.econbiz.de/10012870486
This paper presents a model of voluntary disclosure in which the manager's information about the firm's value is granular, i.e., consists of a large random number of imprecise signals. Using an argument in the spirit of the Bernstein-von Mises theorem, we show that there exists a simple...
Persistent link: https://www.econbiz.de/10012917933
Public information that becomes available after a manager’s initial voluntary disclosure decision creates incentives for her to reconsider and possibly change that decision. We show that if she has private information that is value relevant or that impacts the firms ability to compete in its...
Persistent link: https://www.econbiz.de/10013243165
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
This paper deals with the impact of voluntary strategy disclosure in management reports on the cost of equity capital. Such an impact is not obvious, as investors might consider strategy information as “cheap talk” and therefore ignore it. We analyze a sample of 100 German listed firms from...
Persistent link: https://www.econbiz.de/10010414246
This study investigates whether the voluntary disclosure of management earnings forecasts influences investors' assessment of firm risk and firm value. We find a significant negative relationship between the issuance of management earnings forecasts and a variety of measures of firm risk...
Persistent link: https://www.econbiz.de/10013088706
The objective of voluntary disclosure regulation is to mitigate information asymmetry between the management and outside users. However, prior studies on voluntary disclosures provide mixed evidences on managers' incentives. Using a setting of voluntary non-GAAP EPS reporting, this study...
Persistent link: https://www.econbiz.de/10013006789
State and local governments are not subject to Securities and Exchange Commission (SEC) regulations requiring compliance with generally accepted accounting principles (GAAP). It was only in 1980 that Standard & Poor's issued a policy statement indicating a failure to conform with GAAP would be...
Persistent link: https://www.econbiz.de/10013050532