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- W4306708309 abstract "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." @default.
- W4306708309 created "2022-10-19" @default.
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- W4306708309 date "2022-10-18" @default.
- W4306708309 modified "2023-10-06" @default.
- W4306708309 title "Voluntary Precision Disclosure and Endogenous Market Feedback" @default.
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- W4306708309 doi "https://doi.org/10.1287/mnsc.2022.4577" @default.
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