Voluntary Disclosures and Analyst Feedback
研究当金融市场反馈有助于管理者做出价值最大化决策时，自愿披露的资源分配作用，解释了管理者为何披露坏消息以及价格对坏消息反应更强烈的现象。
ABSTRACT We study the resource allocation role of voluntary disclosures when feedback from financial markets is potentially useful to managers in undertaking value maximizing actions. Managers weigh the short‐term price implications of disclosure against the long‐term efficiency gains due to feedback while financial analysts strategically produce information. The model can explain why managers disclose bad information (e.g., grim outlook), that reduces the stock price, and why prices respond more strongly to bad news relative to good news. We find that not all firms enjoy the same quality of feedback, and that feedback, by itself, does not induce more disclosure but less .