Do Weaker Firms Disclose More?
研究检验了Ebert等人（2017）的披露模型，发现经营业绩较差的公司在IPO S-1文件中会披露更多细分的自愿性信息，这与传统理论相反。
ABSTRACT The Ebert, Simons, and Stecher (2017) disclosure model predicts that weaker firms, i.e., those that have lower operating performance, will make more disaggregated discretionary disclosures than stronger firms, a result somewhat at odds with traditional discretionary disclosure theory that predicts that stronger firms are more likely to voluntarily disclose. We use the IPO S-1 filing setting to test Ebert et al. (2017) and find that higher S-1 disaggregated discretionary disclosure quantity is significantly associated with lower operating performance. Our setting and analyses also plausibly rule out several alternative explanations. JEL Classifications: G30; K22; M40.