On the synergy between disclosure and investment beauty contests

被引：15

作者：

Arya, Anil ^{[1
]}

Mittendorf, Brian ^{[1
]}

机构：

[1] Ohio State Univ, Fisher Coll Business, Columbus, OH 43210 USA

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 2016年 / 61卷 / 2-3期

关键词：

Beauty contests; Disclosure; Private information; ACTUALLY PRO-TRANSPARENCY; SOCIAL VALUE; PUBLIC INFORMATION; SHIN; 2002; ESSAYS; MORRIS;

D O I：

10.1016/j.jacceco.2015.11.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Many investments are noted for their "beauty contest" features in that decision makers desire conformity with others' choices due to inherent complementarities. This paper examines the incentives of firms to take preemptive action and publicly disclose their investments in such beauty contests. In this case, it is the beauty contest desire for coordination that incentivizes a firm to disclose because doing so allows it to convey information that establishes norms and thereby influence subsequent actions of others. Disclosure recipients too benefit from this arrangement because they access additional information on which to base their decisions. (C) 2015 Elsevier B.V. All rights reserved.

引用

页码：255 / 273

页数：19

共 19 条

[1] Efficient use of information and social value of information [J].