Disclosure Effects in the Laboratory: Liquidity, Depth, and the Cost of Capital
在实验室金融市场中，更高的披露质量会提高资产价格和流动性，且当投资者面临需求冲击风险时效果更强；披露对深度更大的市场影响更大，暗示仅关注小额交易的档案研究可能低估披露的重要性。
Greater disclosure quality leads to higher prices and greater liquidity in a laboratory financial market, and these effects are stronger when investors face the risk of unpredictable demand shocks. These results are consistent with a broad class of theoretical and empirical studies. Disclosure has larger effects on prices and liquidity at greater market depths. We conclude that archival studies looking only at quoted transaction prices and spreads (which typically pertain to small transactions) may underestimate the potential importance of disclosure on larger transactions that occur at greater market depths.