The effect of trade secrets protection on disclosure of forward‐looking financial information
利用美国各州法院采纳不可避免披露原则作为商业秘密泄露风险的外生冲击，研究发现该原则采纳后，公司管理层发布盈利预测的频率和预测期限均增加，且该效应在市场竞争激烈、研发密集、与竞争对手距离近及员工掌握商业秘密多的公司中更显著。
Abstract Using the recognition of the Inevitable Disclosure Doctrine (IDD) by US state courts as an exogenous shock to the risk of losing trade secrets, this study examines the effects of trade secrets on disclosure of forward‐looking financial information. We find that management earnings forecast frequency and forecast horizon increases after the US state where a firm is headquartered starts to recognize IDD. We also find that the effect of IDD recognition on management forecasts is more pronounced for firms that have larger market shares, higher product market competition, more intensive R&D, shorter distance to their industry rivals, and more employees who possess knowledge of the firms’ trade secrets.