Disclosing a Random Walk
研究公司价值遵循随机游走时，经理人如何根据阈值策略决定是否披露信息，即使披露悲观信息也能降低未来市场不确定性。
ABSTRACT We examine a dynamic disclosure model in which the value of a firm follows a random walk. Every period, with some probability, the manager learns the firm's value and decides whether to disclose it. The manager maximizes the market perception of the firm's value, which is based on disclosed information. In equilibrium, the manager follows a threshold strategy with thresholds below current prices. He sometimes reveals pessimistic information that reduces the market perception of the firm's value. He does so to reduce future market uncertainty, which is valuable even under risk‐neutrality.