财务报告及补充自愿性信息披露【外文翻译】

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1、外文翻译原文：FinancialReportingandSupplementalVoluntaryDisclosuresAstandardresultinthevoluntarydisclosureliteratureisthatwhenthemanager’sprivateinformationisasignalcorrelatedwiththefirm’sliquidationvalue,mandatorydisclosuressubstituteforvoluntarydisclosures.Inthispaper,weassumethatthemana

2、ger’sprivateinformationcomplementsthemandatorydisclosureandshowthatthecontentandlikelihoodofavoluntarydisclosuredependonwhetherthemandatoryreportscontaingoodorbadnews.Thisdifferentinformationasymmetryproducesnew,testableimplicationsregardingtheprobabilityofandmarketreactiontovolunt

3、arydisclosures.Wealsoshowthatchangesinmandatorydisclosureregulationscanhaveunintendedconsequencesduetotheireffectsonthemanager’swillingnesstovoluntarilyprovidesupplementaldisclosures.1.IntroductionStandardvoluntarydisclosuremodelscapturetheeffectofchangesinmandatorydisclosureonthev

4、oluntarydisclosureofaprivatesignal(correlatedwithfirmvalue)aschangesinthefirm’sinformationenvironment.Thatis,anincreaseinmandatorydisclosureisgenerallyinterpretedaseitheradecreaseinthemarket’spriorvarianceofthefirm’sliquidationvalueor,morerecently,asthereleaseofanadditionalsignalcorre

5、latedwiththefirm’sliquidationvalue.Ineithercase,thefirstmainresultinthisliteratureisthatanincreaseinmandatorydisclosureleadstoadecreaseintheprobabilityofvoluntarydisclosure(i.e.,mandatoryandvoluntarydisclosuresaresubstitutes).Thesecondmainresultisthatthemanager’svoluntarydisclosurede

6、cisiondoesnotdependontheinformationinthemandatorydisclosure(i.e.,whetheritcontainsgoodorbadnews).Theobjectiveofthispaperistoextendthevoluntarydisclosureliteraturebyexamininganalternativesourceofinformationasymmetry.Ratherthanassumingthemanagerknowsasignalcorrelatedwithfirmvalue,weas

7、sumethatshehasprivateinformationthemarketcanusetobetterestimatethevalueimplicationsofthecontentofthefirm’sfinancialreports.Thus,themanagerexplicitlydetermineswhethertovoluntarilyprovideinformationthatcomplements,ratherthansubstitutesfor,theinformationinfinancialreports.Structuringthem

8、anager’sprivateinformation