Public Disclosure Rules, Private Information-Production Decisions, and Capital Market Equilibrium
综述了评估披露规则对资本市场均衡影响的常用方法，即通过检验证券未来价值或收益率分布的变化来推断披露规则的效果，并指出该方法依赖于投资者对分布参数的评估。
The effects of prevailing and proposed disclosure rules on capital market equilibrium have been assessed in many ways.' One approach involves testing for changes in assessed distributions of future values of, or rates of return on, securities (primarily common stocks). This is the approach used by, for example, Gonedes, Dopuch, and Penman [1976], Benston [1973], Friend and Herman [1964], and Stigler [1964]. Given an explicit or implicit characterization of market equilibrium in terms of probability distributions of securities' future values, this approach essentially assumes that the direct (or own) effects (if any) of changes in disclosure rules will be reflected in investors' assessed values for these distributions' parameters. (Estimates based on observed security prices are used as proxies for investors' assessments.) In some studies, the parameters' values and investors' inferential behavior are pictured as