The Asset Pricing Implications of Plausible Deniability
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We derive the effect of plausible deniability on asset risk premia in a dynamic setting with correlated firm values, systematic risk, and risk-averse investors. Firms optimally exercise American disclosure options, which are more valuable due to the possibility that other correlated firms may
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美国国家经济研究局创建时间：
2021-01-01
