Shaping Liquidity: On the Causal Effects of Voluntary Disclosure
利用公共信息供给的外生变化，发现企业会主动自愿披露更多信息以改善流动性，进而降低资本成本、提升公司价值。
ABSTRACT Can managers influence the liquidity of their firms’ shares? We use plausibly exogenous variation in the supply of public information to show that firms actively shape their information environments by voluntarily disclosing more information than regulations mandate and that such efforts improve liquidity. Firms respond to an exogenous loss of public information by providing more timely and informative earnings guidance. Responses appear motivated by a desire to reduce information asymmetries between retail and institutional investors. Liquidity improves as a result and in turn increases firm value. This suggests that managers can causally influence their cost of capital via voluntary disclosure.