Information disclosure and price discovery

被引：14

作者：

Tang, Ya ^{[1
]}

机构：

[1] Peking Univ, Beijing 100871, Peoples R China

来源：

JOURNAL OF FINANCIAL MARKETS | 2014年 / 19卷

基金：

中国国家自然科学基金;

关键词：

Disclosure; Information production; Market efficiency; Costs of capital; VOLUNTARY DISCLOSURE; EARNINGS QUALITY; COST; ASYMMETRY; EQUITY; MARKETS;

D O I：

10.1016/j.finmar.2014.03.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In this paper. I present a parsimonious, theoretical model to examine the influence of disclosure on market efficiency and on the cost of capital in the presence of endogenous information acquisition. Because disclosure "crowds out" private-information production, disclosure can either improve or harm market efficiency and the cost of capital, depending on whether investors' private-information production is sensitive to disclosure. This non-monotonic disclosure-cost-of-capital relation helps reconcile the existing mixed empirical evidence and has implications for the disclosure policies of firms. (C) 2014 Elsevier B.V. All rights reserved.

引用

页码：39 / 61

页数：23

共 51 条

[41] PUBLIC SIGNALS AND THE EQUILIBRIUM ALLOCATION OF PRIVATE INFORMATION [J].