Trade Secrets Law and Corporate Disclosure: Causal Evidence on the Proprietary Cost Hypothesis
利用美国各州法院采纳不可避免披露原则的外生冲击，研究发现企业为应对专有成本上升而减少客户身份信息的披露，支持了专有成本假说。
ABSTRACT This study exploits the staggered adoption of the inevitable disclosure doctrine (IDD) by U.S. state courts as an exogenous shock that generates variations in the proprietary costs of disclosure. We find that firms respond to IDD adoption by reducing the level of disclosure regarding their customers’ identities, supporting the proprietary cost hypothesis. Our results are stronger for firms in industries with a higher degree of entry threats, for firms in more volatile industries, and for firms with a lower degree of external financing dependence. Overall, this study represents one of the first efforts in identifying the causal effect of proprietary costs of disclosure on the supply of disclosure.