On the Value Relevance of Asymmetric Financial Reporting Policies
通过世代交叠模型，研究不对称报告好消息和坏消息如何影响股票价格波动和风险分配，从而对投资者具有价值相关性。
ABSTRACT This paper considers an overlapping generations model where investors trade in a firm's stock. Investment risk is partly determined by the volatility of the stock price at which current investors can sell their shares to the next generation of investors. It is shown that asymmetric reporting of good and bad news is value relevant as it affects the allocation of risk among future generations of shareholders.