Managers’ Strategic Use of Concurrent Disclosure: Evidence from 8-K Filings and Press Releases
研究管理者在负面事件公告时，策略性地发布无关新闻稿以增加投资者信息处理成本，从而延缓股价对负面消息的反映速度。
ABSTRACT This study examines managers’ strategic use of concurrent disclosures around the announcement of negative material events. We predict and find that managers disclosing negative 8-K news are more likely to issue a concurrent press release about an unrelated event relative to a press release providing additional context for the 8-K–triggering event in order to increase investor information processing costs. This strategy appears distinct from the bundling of news to deter litigation. We find that managers more commonly issue concurrent unrelated press releases when they have stronger incentives to impede the pricing of negative information and that doing so is associated with a reduction in the speed with which prices reflect the news. Our findings shed light on a previously unexplored tool managers use to exploit investors’ processing capacity constraints to “hide” negative news. JEL Classifications: G12; G14; M41; M48.