Revealed Proprietary Information Disclosure
研究了公司在增发新股前是否以及多大程度上可信地披露专有私有信息，发现2005年证券发行改革后，发行公司披露的专有信息量是改革前的两倍多，且这种披露使新股折价降低10%-23%。
ABSTRACT I examine whether and to what extent firms credibly disclose proprietary private information ahead of seasoned equity offerings. I assess proprietary information disclosures based on the magnitude of the association between a private information-based proxy and stock returns. Using a difference-in-differences design around the Securities Offering Reform (SOR) of 2005, which relaxed restrictions on disclosures, I find that equity-issuing firms disclose more than twice as much proprietary information post-SOR relative to pre-SOR and relative to the same change for the control firms. I corroborate my findings using major customer identity disclosure and limiting the sample to firms with multiple equity offerings. Results are robust after controlling for information flow from insider trading, institutional investors, and financial analysts. Finally, I document that disclosure of proprietary information leads to a 10–23 percent drop in underpricing. These findings offer new insights into how firms balance the proprietary costs and benefits of disclosure. JEL Classifications: M41; K22; G14.