Voluntary Precision Disclosure and Endogenous Market Feedback
研究了经理人自愿披露公司盈利信号精度的动机，发现高精度披露既能挤出也能挤入交易者的信息获取，当公司披露高于平均盈利时挤入效应占优，从而影响投资效率和市场反馈。
We explore a manager’s incentives to disclose the precision of a signal about firm profitability. Voluntary disclosure of precision information encourages traders to acquire private information, increasing price informativeness and improving the firm’s investment efficiency. We highlight a novel tradeoff: on the one hand, more precise public information crowds out traders’ information acquisition by leveling the playing field. On the other hand, there can also be a crowding-in effect because high-precision disclosures indicate greater managerial confidence and higher investment, which increases the traders’ value of information. The crowding-in effect can dominate if the firm discloses above-average profitability. We derive testable predictions regarding the financial market consequences of supplemental disclosures that are informative about the precision or relevance of payoff-related signals. This paper was accepted by Brian Bushee, accounting.