Voluntary Disclosure with Informed Trading in the IPO Market
研究了IPO市场中知情经理在知情与不知情投资者并存时的自愿披露和资本投资行为，发现知情投资者比例越高，披露越充分但投资效率越低。
We examine voluntary disclosure and capital investment by an informed manager in an initial public offering (IPO) in the presence of informed and uninformed investors. We find that in equilibrium, disclosure is more forthcoming—and investment efficiency is lower—when a greater fraction of the investment community is already informed. Moreover, managers disclose more information when the likelihood of an information event is higher, more equity is issued, or the cost of information acquisition is lower. Investment efficiency and the expected level of underpricing are non‐monotonic in the likelihood that the manager is privately informed.