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Voluntary Disclosure in Bilateral Transactions
SSRN Electronic Journal, 2017zbMATH Open Web Interface contents unavailable due to conflicting licenses.
Vincent Glode +2 more
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Voluntary disclosure with evolving news
Journal of Financial Economics, 2020We study a dynamic voluntary disclosure setting where the manager's information and the firm's value evolve over time. The manager is not limited in her disclosure opportunities but disclosure is costly. The results show that the manager discloses even if this leads to a price decrease in the current period. The manager absorbs this price drop in order
Aghamolla, Cyrus, An, Byeong-Je
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Shareholder activism and voluntary disclosure
Review of Accounting Studies, 2015We examine the relation between shareholder activism and voluntary disclosure. An important consequence of voluntary disclosure is less adverse selection in the capital markets. One class of traders that finds less adverse selection unprofitable is activist investors who target mispriced firms whose valuations they can improve.
Thomas Bourveau, Jordan Schoenfeld
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INSIDER TRADING AND VOLUNTARY DISCLOSURE [PDF]
International Journal of Theoretical and Applied Finance, 2008 We set up a model to study the voluntary disclosure of information by insiders of publicly traded companies. We consider a trading framework as in [14] with many assets and one insider per asset. There is one discretionary liquidity trader who can allocate his trades across the different assets and many noise traders who trade with equal intensity in ...
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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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Voluntary Assurance of Voluntary CSR Disclosure
Journal of Economics & Management Strategy, 2014We study a firm's decisions to engage in socially responsible activities, voluntarily report on them, and purchase external assurance of the report. In our signaling model, neither firm type nor the level of activity is observed. We show that if voluntary assurance is not too expensive, the firm that engages in more socially responsible activities ...
Mark Bagnoli, Susan G. Watts
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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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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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Voluntary Disclosure of Sensitivity
SSRN Electronic Journal, 2008Starting in 1997, the U.S. Securities and Exchange Commission required that some firms disclose information about risks. One format for risk disclosures let firms disclose correlations by allowing firms to report the sensitivity to market risk factors of cash flows related only to financial instruments and derivatives.
Bjorn N. Jorgensen +1 more
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