Costly Disclosure in a Voluntary Disclosure Model with an Opponent
Copyright policy )Costly Disclosure in a Voluntary Disclosure Model with an Opponent
This paper analyzes voluntary disclosure equilibria when the voluntary disclosure model presented inWAGENHOFER (1990) is modified so as to include fixed disclosure costs as used in VERRECCHIA (1983). It turns out that incorporating both disclosure and proprietary costs rules out full disclosure equilibria. Moreover, it yields additional disclosure equilibria that differ significantly from the equilibria in VERRECCHIA (1983) and WAGENHOFER (1990). Thus, in the extended model the firm is provided with additional incentives to withhold its private information from the public.
- Erasmus University Rotterdam Netherlands
- Tilburg University Netherlands
- Erasmus+ Belgium
disclosure costs, Voluntary disclosure; disclosure costs; proprietary costs, Voluntary disclosure, proprietary costs, Voluntary disclosure;disclosure costs;proprietary costs, jel: jel:D82, jel: jel:M49
disclosure costs, Voluntary disclosure; disclosure costs; proprietary costs, Voluntary disclosure, proprietary costs, Voluntary disclosure;disclosure costs;proprietary costs, jel: jel:D82, jel: jel:M49
selected citations These citations are derived from selected sources.This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).0 popularity This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.Average influence This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).Average impulse This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.Average
Citations provided by BIP!Popularity provided by BIP!