Interim Reporting Frequency and Financial Analysts' Expenditures
用多期Kyle模型分析中期报告频率对证券价格、交易量、市场流动性和分析师信息获取支出的影响，发现更频繁的报告虽改善价格信息含量和流动性，但可能促使分析师增加冗余信息支出，造成社会浪费。
This paper relates interim financial reporting frequency in a multiperiod Kyle framework to securities prices, trading volume, market liquidity, and analysts' information acquisition expenditures. The model supports conventional wisdom that more frequent interim reporting improves the information content of securities prices, reduces reporting day price volatility and trading volume, and enhances market liquidity. However , the model suggests that more frequent financial reporting induces analysts to increase their redundant information acquisition expenditures, which may be socially wasteful.