Negative peer disclosure

• 成果类型: Article
• 署名作者: Cao, Sean Shun; Fang, Vivian W.; Lei, Lijun (Gillian)
• 署名单位: University System of Georgia; Georgia State University; University of Minnesota System; University of Minnesota Twin Cities; University of North Carolina; University of North Carolina Greensboro
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2021.02.007
• 发表日期: 2021
• 页码: 815-837
• 关键词: Peer disclosure; spillover; Product market rivalry; Technology proximity; Social media

摘要

This paper provides first evidence of negative peer disclosure (NPD), an emerging corporate strategy to publicize adverse news of industry peers on social media. Consistent with NPDs being implicit positive self-disclosures, disclosing firms experience a two-day abnormal return of 1.6-1.7% over the market and industry. Further exploring the benefits and costs of such disclosures, we find that NPD propensity increases with the degree of product market rivalry and technology proximity and disclosing firms outperform nondisclosing peers in the product markets in the year following NPDs. These results rationalize peer disclosure and extend the scope of the literature beyond self-disclosure. (c) 2021 Elsevier B.V. All rights reserved.