Revising A Voluntary Disclosure Decision
研究了经理在初始自愿披露后，因公共信息到来而修正披露决策的动机，发现该选项改变了初始披露和总体披露频率，且受信息到达概率和公司价值敏感度影响。
ABSTRACT Public information that becomes available after a manager's initial voluntary disclosure decision creates incentives for her to reconsider and possibly change that decision. We show that if she has private information that is value-relevant or that impacts the firm's ability to compete in its product market, the option to revise an initial disclosure decision in the face of a public release of information alters both the initial decision and the overall frequency of disclosure. These effects are amplified if she believes that public information arrival is more likely or if the firm's value is more sensitive to it. We also show that an increase in the initial disclosure cost reduces the probability of an initial disclosure and increases the probability of a subsequent disclosure. These effects are reversed if the cost of a subsequent disclosure increases.