Promoting informativeness via staggered information releases

• 成果类型: Article
• 署名作者: Ramanan, Ram N. V.
• 署名单位: University of California System; University of California Davis
• 刊物名称: REVIEW OF ACCOUNTING STUDIES
• ISSN/ISSBN: 1380-6653
• DOI: 10.1007/s11142-014-9307-6
• 发表日期: 2015
• 页码: 537-558
• 关键词: financial-markets; STOCK-PRICE; disclosure; COMPENSATION; sensitivity; INVESTMENT; EFFICIENCY

摘要

When a firm has multiple pieces of information, this study shows that the firm does better from staggering the release of information than from expeditiously releasing all information at once. This is because releasing multiple pieces of information over time allows the firm to learn from the market's response to each piece of information. In contrast, releasing all information at once impedes the firm's ability to learn from the aggregate market response to all information. In effect, delaying the release of some information may improve the firm's capacity to fine-tune follow-up decisions based on the market's reactions.