We analyze costly quality disclosure with horizontally differentiated products under duopoly and monopoly, and characterize the effect of competition on disclosure and welfare. We show that expected disclosure is higher under monopoly than under duopoly, and the welfare comparison depends on the level of disclosure cost: when the disclosure cost is low, welfare is higher under monopoly than duo...

We model limited attention as incomplete usage of publicly available information. Informed players decide whether or not to disclose to observers who sometimes neglect either disclosed signals or the implications of non-disclosure. These observers may choose ex ante how to allocate their limited attention. In equilibrium observers are unrealistically optimistic, disclosure is incomplete, neglec...

This paper analyzes the impact of different disclosure regimes on corporate decisionmaking during initial public offering. Specifically, it examines how disclosure rules affect firms’ incentives to acquire forward-looking information, their disclosure practices and investment strategies. The disclosure regimes examined are Non-Disclosure, Voluntary, and Mandatory Disclosure Regimes. The analysi...

According to the disclosure motivation, information disclosure of listed companies can be divided into mandatory and voluntary information disclosure. The mandatory information disclosure can no longer meet the information demand of investors, while voluntary information disclosure is getting more recognition. This paper introduces the relevant literature of voluntary information disclosure, an...

The purpose of this paper is to investigate the impact of voluntary disclosure about corporate social responsibility (CSR) on firm’s financial performance. First, a state of the art about corporate social responsibility and social reporting is presented. After that, the problems of measurement of CSR are indicated and the hypotheses are proposed. In the empirical analysis, regression models are...

This paper focuses on social dynamics among disclosure communities in terms of balancing disclosure and privacy. Why does a man tell his mother but not his father when facing a medical crisis? This is an example of the core question in this study. To better understand these situations, we need to identify the disclosure activities that take place within the patient and their disclosure communit...

This paper analyzes voluntary disclosure equilibria when the voluntary disclosure model presented in WAGENHOFER (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 ...

Traditionally, statistical agencies generally release outputs in the form of microdata and tabular data. Microdata contain data from social surveys and tabular data contain either frequency counts, such as for census dissemination, or magnitude data typically arising from business surveys, eg. total revenue. For each of these traditional outputs, there has been much research on how to quantify ...

This study examines the timeliness of write-downs taken by U.S. financial institutions during the financial crisis of 2007-2008. The timeliness of write-downs is measured by benchmarking the quarterly accounting write-down schedule with the devaluation schedule implied by credit indices such as the ABX. The results show that accounting write-downs are less timely than the devaluations implied b...