Competition, Comparative Performance, and Market Transparency

被引：9

作者：

Carlin, Bruce I. ^{[1
]}

Davies, Shaun William ^{[1
]}

Iannaccone, Andrew ^{[1
]}

机构：

[1] Univ Calif Los Angeles, Anderson Sch Management, Los Angeles, CA 90095 USA

来源：

AMERICAN ECONOMIC JOURNAL-MICROECONOMICS | 2012年 / 4卷 / 04期

关键词：

DISCLOSURE POLICY; HEDGE FUNDS; VOLUNTARY DISCLOSURE; INFORMATION; TOURNAMENTS; INCENTIVES; QUALITY; CONTRACTS; INDUSTRY; PRIZES;

D O I：

10.1257/mic.4.4.202

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We study how competition affects market transparency, taking into account that comparative performance is assessed via tournaments and contests. Extending Dye (1985) to a multi-firm setting in which top performers are rewarded, we show that increased competition usually makes disclosure less likely, which lowers market transparency and may decrease per capita welfare. This result appears to be robust to several model variations and as such, has implications for market regulation. (JEL D82, D83, L77, L25)

引用

页码：202 / 237

页数：36

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