The Library
Not only what but also when : a theory of dynamic voluntary disclosure
Tools
Guttman, Ilan, Kremer, Ilan and Skrzypacz, Andrzej (2014) Not only what but also when : a theory of dynamic voluntary disclosure. American Economic Review, Volume 104 (Number 8). pp. 2400-2420. doi:10.1257/aer.104.8.2400 ISSN 0002-8282.
Research output not available from this repository.
Request-a-Copy directly from author or use local Library Get it For Me service.
Official URL: http://dx.doi.org/10.1257/aer.104.8.2400
Abstract
We examine a dynamic model of voluntary disclosure of multiple pieces of private information. In our model, a manager of a firm who may learn multiple signals over time interacts with a competitive capital market and maximizes payoffs that increase in both period prices. We show (perhaps surprisingly) that in equilibrium later disclosures are interpreted more favorably even though the time the manager obtains the signals is independent of the value of the firm. We also provide sufficient conditions for the equilibrium to be in threshold strategies.
Item Type: | Journal Article | ||||
---|---|---|---|---|---|
Divisions: | Faculty of Social Sciences > Economics | ||||
Journal or Publication Title: | American Economic Review | ||||
Publisher: | American Economic Association | ||||
ISSN: | 0002-8282 | ||||
Official Date: | 2014 | ||||
Dates: |
|
||||
Volume: | Volume 104 | ||||
Number: | Number 8 | ||||
Page Range: | pp. 2400-2420 | ||||
DOI: | 10.1257/aer.104.8.2400 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access |
Request changes or add full text files to a record
Repository staff actions (login required)
View Item |