Competition, Comparative Performance, and Market Transparency
研究了竞争如何影响市场透明度，发现竞争加剧通常使企业更不愿披露信息，降低市场透明度并可能减少人均福利，对市场规制有启示。
We study how competition affects market transparency, taking into account that comparative performance is assessed via tournaments and contests. Extending Dye (1985) to a multi-firm setting in which top performers are rewarded, we show that increased competition usually makes disclosure less likely, which lowers market transparency and may decrease per capita welfare. This result appears to be robust to several model variations and as such, has implications for market regulation.