This study examines how firms’ voluntary disclosure decisions are influenced by the product market competition. Using separate measures to capture different dimensions of competition, I show that competition from potential entrants increases disclosure quantity while competition from existing rivals decreases disclosure quantity. I also find that competition enhances disclosure quality mainly t...

This paper investigates the voluntary disclosure made by 297 Chinese listed firms in their 1995-2006 annual reports. It aims to determine how firms in the Chinese stock market have responded to the coercive pressure exerted upon them by the market regulatory body, the Chinese Security Regulatory Commission (CSRC) in terms of providing transparent information to the stock market. The findings sh...

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 ...

We estimate and test a model of voluntary disclosure in which a manager’s information set is uncertain (Dye 1985; Jung and Kwon 1988). In this model, a manager makes his disclosure decision to maximize the market price, but sometimes, for exogenous reasons, he cannot or is not willing to disclose. We offer a flexible framework to measure the prevalence of unobservable disclosure frictions and t...

We analyze amodel in which firms are able to acquire information about product risks and may or may not be required to disclose this information. We initially study the effect of disclosure rules assuming that firms are not liable for the harm caused by their products. Mandatory disclosure is obviously superior to voluntary disclosure given the information about product risks that firms possess...

In recent years, the Kenyan Government has initiated reforms at the Nairobi Stock Exchange aimed at transforming the exchange into a vehicle for mobilising domestic savings and attracting foreign capital investments. Consequently, the corporate financial reporting, and in particular, the level of voluntary disclosure is a vital part of the process for building investor confidence (local and for...

In this paper, we examine the incentives for firms to voluntarily disclose otherwise private information about quality attributes of differentiated products when those products have multiple attributes and consumers are heterogeneous in their tastes over these attributes. In particular, we focus on whether the so-called “unraveling result”—in equilibrium, firms fully disclose the quality of the...

In the paper, the research subject is the ecological relationship between the Small and Medium-sized Enterprises(SMEs) and the Large-scale Enterprises(Les). From the perspective of ecology, setting up the competitive model basic on the Logistic model, and carrying out further analysis about the voluntary information disclosure of listed company, then getting the strategic choice about the volun...

We examine the incentives for firms to voluntarily disclose otherwise private information about the quality attributes of their products. In particular, we focus on the case of differentiated products with multiple attributes and heterogeneous consumers. We show that there exist certain configurations of consumers’ multi-dimensional preferences under which a firm, no matter whether producing a ...