The Effect of Limited Liability on the Market Response to Disclosure*
在有限责任假设下，推导了盈利披露对证券价格的非线性影响，并分析了杠杆率和债务转换特征如何改变价格与盈利的关系，对理解市场反应和资本结构设计有参考价值。
Abstract. We formalize the effects of an earnings disclosure on security prices under an assumption of limited liability. We derive various nonlinear relations between equity prices and earnings under a variety of capital structure assumptions and. if possible, we tie the relations attained to results from the existing empirical literature. We also characterize how debt prices respond to earnings when holders of debt have limited liability. Finally, we analyze how changes in the degree of leverage and conversion features of debt affect the relation between price and earnings.