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Journal of Accounting, Auditing & Finance, 1989
The paper investigates incentives for firms to voluntarily disclose private information about future outcomes. A voluntary disclosure model that encompasses a competitive product market equilibrium and where proprietary (disclosure costs) costs are endogenously determined is presented.
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The paper investigates incentives for firms to voluntarily disclose private information about future outcomes. A voluntary disclosure model that encompasses a competitive product market equilibrium and where proprietary (disclosure costs) costs are endogenously determined is presented.
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Information transmission in voluntary disclosure games
Journal of Economic Theory, 2023zbMATH Open Web Interface contents unavailable due to conflicting licenses.
Avi Lichtig, Ran Weksler
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SSRN Electronic Journal, 2017
Two–way communication via social media platforms allows the firm to make an initial disclosure decision and then revise it after observing the response on social media to its initial decision. We examine the pressures interactive communications place on disclosure choices and find that negative social pressure “forces” some firm types to respond and ...
Mark Bagnoli, Susan G. Watts
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Two–way communication via social media platforms allows the firm to make an initial disclosure decision and then revise it after observing the response on social media to its initial decision. We examine the pressures interactive communications place on disclosure choices and find that negative social pressure “forces” some firm types to respond and ...
Mark Bagnoli, Susan G. Watts
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The Accounting Review, 2020
ABSTRACT This paper studies equilibrium voluntary disclosures for a company financed with both debt and equity, where the firm's manager is compensated based on a linear combination of the market prices of the firm's equity and enterprise values (i.e., the sum of its values of equity and debt). Such compensation policies span “all equity”
Anne Beyer, Ronald A. Dye
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ABSTRACT This paper studies equilibrium voluntary disclosures for a company financed with both debt and equity, where the firm's manager is compensated based on a linear combination of the market prices of the firm's equity and enterprise values (i.e., the sum of its values of equity and debt). Such compensation policies span “all equity”
Anne Beyer, Ronald A. Dye
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Evidence Acquisition and Voluntary Disclosure
Proceedings of the 22nd ACM Conference on Economics and Computation, 2019A sender seeks hard evidence to persuade a receiver to take a certain action. There is uncertainty about whether the sender obtains evidence. If she does, she can choose to disclose it or pretend to not have obtained it. When the probability of obtaining information is low, we show that the optimal evidence structure is a binary certification: all it ...
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Voluntary Disclosure of Bad News
Journal of Business Finance & Accounting, 2005Abstract: This paper shows that in a voluntary disclosure environment entailing both a fixed disclosure cost and a variable proprietary cost, partial disclosure equilibria may arise in which firms voluntarily disclose bad private information to the public.
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Voluntary Corporate Disclosure
2020This chapter presents and discusses the literature on voluntary corporate disclosure. It pays attention to the costs and benefits of voluntary disclosure. The discourse also considers the leading role that corporate governance structures play in shaping firms’ voluntary information environment.
Alessandro Ghio, Roberto Verona
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The Effects of MiFID II on Voluntary Disclosure
Management Science, 2021We examine the effect of the Markets in Financial Instruments Directive (MiFID) II’s controversial unbundling provision on corporate voluntary disclosure. Although prior research has largely focused on changes in sell-side research post-MiFID II, changes in voluntary disclosure and their effects on the information environment are less known.
Chongho Kim, Jihwon Park, Edward Sul
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2019
Abstract In the course of doing business, company managers may discover that the company has violated the law, thereby exposing the company to potential civil or criminal liability. When this occurs, an inevitable question is whether the company should voluntarily disclose this information to the government.
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Abstract In the course of doing business, company managers may discover that the company has violated the law, thereby exposing the company to potential civil or criminal liability. When this occurs, an inevitable question is whether the company should voluntarily disclose this information to the government.
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Financial Reporting and Supplemental Voluntary Disclosures [PDF]
SSRN Electronic Journal, 2006 ABSTRACTA standard result in the voluntary disclosure literature is that when the manager's private information is a signal correlated with the firm's liquidation value, mandatory disclosures substitute for voluntary disclosures. In this paper, we assume that the manager's private information complements the mandatory disclosure and show that the ...
Bagnoli, Mark, Watts, Susan G.
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