The interaction among disclosure, competition between firms, and analyst following

被引:63
作者
Arya, Anil [1 ]
Mittendorf, Brian
机构
[1] Ohio State Univ, Fisher Coll Business, Columbus, OH 43210 USA
[2] Yale Univ, Sch Management, New Haven, CT 06520 USA
关键词
analyst following; competition; disclosure;
D O I
10.1016/j.jacceco.2006.11.001
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
This paper considers the role of analyst following in coordinating mutually beneficial disclosure among competing firms. Though firms may benefit from industry-wide transparency, the urge to keep a competitive edge by withholding disclosures can be compelling. In such a case, the desire to attract analyst following can make a policy of joint disclosure viable. Knowing that keeping silent can deter analysts, no firm has incentives to unilaterally withhold disclosures. Further, coordinated disclosures can benefit firms and consumers alike by yielding circumstance-specific product offerings. (c) 2006 Elsevier B.V. All rights reserved.
引用
收藏
页码:321 / 339
页数:19
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