Private Voluntary Disclosure, Financial Intermediation and Market Efficiency
研究了33家英国大公司如何与核心股东（大型金融机构）进行私人自愿沟通，并探讨了这些信息如何最终进入公共领域，为理解私人披露、公共披露、金融中介与市场效率的关系提供了理论框架。
This paper describes how 33 large UK companies communicated with their core shareholders, the large UK financial institutions. It focuses on the private voluntary information flows from the investee company to the financial institution (FI) and their eventual release into the public domain. The case is put for the development of a combined theory, which would link, inter alia , private and public disclosure, financial intermediation, informed trading, and market efficiency. This theory development would provide a more coherent framework for understanding the role of financial reports and other public corporate disclosure behaviour in user decisions. It would also play an important role in developing corporate finance theory and its prescriptions for corporate management.