American Disclosure Options
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We study strategic disclosure timing by correlated firms in the presence of risk-averse investors. Firms delay disclosures in the hope that positively correlated firms will announce especially good news and lift their own price. Risk premia rise before disclosures, drop when disclosures occur, and
本文研究了风险厌恶型投资者情境下，关联企业的策略性披露时机选择问题。企业会延迟披露信息，以期正相关关联企业能够发布格外利好的消息，进而提振自身股价。披露前风险溢价将上行，披露发生时则会回落，
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美国国家经济研究局创建时间：
2023-12-01
