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...
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Institutional Knowledge at Singapore Management University
2018
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sg-smu-ink.soa_research-28022019-01-24T09:33:25Z Voluntary disclosure with multiple channels and investor sophistication CROWLEY, Richard M. 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. 2018-01-07T08:00:00Z text application/pdf https://ink.library.smu.edu.sg/soa_research/1775 https://ink.library.smu.edu.sg/context/soa_research/article/2802/viewcontent/SSRN_id3225226.pdf http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection School Of Accountancy eng Institutional Knowledge at Singapore Management University Accounting |
| institution |
Singapore Management University |
| building |
SMU Libraries |
| continent |
Asia |
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Singapore Singapore |
| content_provider |
SMU Libraries |
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InK@SMU |
| language |
English |
| topic |
Accounting |
| spellingShingle |
Accounting CROWLEY, Richard M. Voluntary disclosure with multiple channels and investor sophistication |
| description |
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. |
| format |
text |
| author |
CROWLEY, Richard M. |
| author_facet |
CROWLEY, Richard M. |
| author_sort |
CROWLEY, Richard M. |
| title |
Voluntary disclosure with multiple channels and investor sophistication |
| title_short |
Voluntary disclosure with multiple channels and investor sophistication |
| title_full |
Voluntary disclosure with multiple channels and investor sophistication |
| title_fullStr |
Voluntary disclosure with multiple channels and investor sophistication |
| title_full_unstemmed |
Voluntary disclosure with multiple channels and investor sophistication |
| title_sort |
voluntary disclosure with multiple channels and investor sophistication |
| publisher |
Institutional Knowledge at Singapore Management University |
| publishDate |
2018 |
| url |
https://ink.library.smu.edu.sg/soa_research/1775 https://ink.library.smu.edu.sg/context/soa_research/article/2802/viewcontent/SSRN_id3225226.pdf |
| _version_ |
1770574550540484608 |