Dynamic Information Acquisition, Investment, and Disclosure
构建了一个动态模型，研究经理人私下获取公司基本面信息并选择是否披露的行为，分析信息获取对私人信息积累、披露决策及公司初始投资的影响。
ABSTRACT We present a dynamic model of information acquisition and disclosure. The manager seeks to maximize future stock prices and collects information privately about the firm's fundamentals. Information acquisition increases the arrival rate of private information. The manager can choose to disclose his private information or withhold it in perpetuity. We study the impact of information acquisition on the accumulation of private information, disclosure, and the firm's initial investment.