Voluntary Disclosure of Bad News
证明，在同时存在固定披露成本和可变专有成本的自愿披露环境中，企业可能会自愿向公众披露坏消息，且这种均衡在专有成本威胁或成本本身增加时更可能出现。
Abstract: This paper shows that in a voluntary disclosure environment entailing both a fixed disclosure cost and a variable proprietary cost, partial disclosure equilibria may arise in which firms voluntarily disclose bad private information to the public. Furthermore, it is shown that such equilibria may arise more frequently as the threat of incuring proprietary cost increases and/or the proprietary cost itself increases.