Voluntary disclosure with multiple channels and investor sophistication

An analytical model of voluntary disclosure in which a manager can disclose through two channels with different ease of processing, and with two types of investors. The model shows that in the presence of a second channel, managers have an incentive to decrease disclosures that will be quickly proce...

وصف كامل

محفوظ في:
التفاصيل البيبلوغرافية
المؤلف الرئيسي: CROWLEY, Richard M.
التنسيق: text
اللغة:English
منشور في: Institutional Knowledge at Singapore Management University 2018
الموضوعات:
الوصول للمادة أونلاين:https://ink.library.smu.edu.sg/soa_research/1775
https://ink.library.smu.edu.sg/context/soa_research/article/2802/viewcontent/SSRN_id3225226.pdf
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الوصف
الملخص:An analytical model of voluntary disclosure in which a manager can disclose through two channels with different ease of processing, and with two types of investors. The model shows that in the presence of a second channel, managers have an incentive to decrease disclosures that will be quickly processed by unsophisticated investors and to increase the disclosures that will be quickly processed by sophisticated investors. The model has implications for post Reg-FD market efficiency, as well as the efficiency of firms having multiple disclosure venues.