Does Voluntary Disclosure Improve Stock Price Informativeness?
研究自愿性信息披露能否降低股价同步性，发现分析师评估的披露政策越透明，股价中公司特有信息越多，对关注信息效率的学者和投资者有参考价值。
According to theory, comovement in stock prices reflects comovement in the fundamental factors underlying the values of stocks. Recent theory contends that stock price comovement can be driven by information markets or the informational opacity of the firm. To the extent that voluntary disclosure reduces information acquisition cost and enhances firm transparency, we predict that enhanced voluntary disclosure reduces stock price comovement. We provide evidence in support of this prediction using analyst evaluation of firm disclosure policy. Overall, our evidence supports the effectiveness of firm disclosure policy in increasing the amount of firm‐specific information contained in stock returns.