Disagreements among Shareholders over a Firm's Disclosure Policy
研究股东异质性如何影响公司自愿披露信息，发现信息更充分的股东偏好更少披露，而流动性冲击会减少股东间的分歧。
ABSTRACT This paper examines the issue of voluntary disclosure of information by firms with heterogeneous shareholders. It shows that in a rational expectations setting, better informed shareholders prefer less disclosure than less well‐informed shareholders. This is due to differences in the adverse risk‐sharing effect and the beneficial cost‐saving effect of disclosure among shareholders with different risk tolerances and information acquisition cost functions. The presence of individual liquidity shocks is shown to reduce shareholder disagreements regarding a firm's disclosure policy.