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1、JournalofAccountingandEconomics12(1990)219-243.North-HollandFINANCIALDISCLOSUREPOLICYINANENTRYGAME*MasakoN.DARROUGHColumbiaUniversity,NewYork,NY10027,USANealM.STOUGHTONUniversivofCaliforniaatIrvine,Irvine,CA92717,USAReceivedJuly1988,finalversionreceivedJune1989Thispaperanalyz
2、esincentivesforvoluntarydisclosureofproprietaryinformation.Proprietaryinformation,ifdisclosed,providesstrategicinformationtopotentialcompetitors,butcanbehelpfultothefinancialmarketinvaluingthefirmmoreaccurately.Focusingonastylizedmodelofastaticentrygame,weshowthatafullyreveal
3、ingdisclosureequilibriumexistswhenthepriorofthemarketisoptimisticortheentrycostisrelativelylow.Whenthepriorispessimisticortheentrycostishigh,however,bothnon-andpartial-disclosureequilibriaobtain.Ouranalysispredictsthatcompetitionintheproductmarketencouragesvoluntarydisclosure
4、.1.IntroductionThispaperanalyzesvoluntarydisclosureofproprietaryinformation.Anestablishedincumbentfirmisendowedwithprivateinformation.Ifdisclosed,theinformationwillhelpthefinancialmarketinevaluatingthefirmsvaluemoreaccurately;thedisclosure,however,couldcompromisetheincumbents
5、competitiveposition.byprovidingstrategicinformationtopotentialcompeti-tors.Wefocusonarelativelystylizedmodelofastaticentrygame,wherethecostofdisclosingproprietaryinformationtakestheformofanincreasedprobabilityofentry.Ourmodelendogenizesthecostbymakingtheprobabil-ityofentryano
6、ptimalchoiceonthepartoftheentrant.Theincentivesarecountervailing.Anincumbentwithfavorableinformationwishestocommuni-catetheinformationtothefinancialmarkettoraiseitsvaluation,butother-wisedoesnotwanttomakethisknowntothepotentialentrant.Anincumbent*Asubstantialportionofthisrese
7、archprojectwascarriedoutwhilebothauthorsvisitedtheAndersonGraduateSchoolofManagementatUCLA.ThesecondauthoracknowledgesafacultyfellowshipprovidedbytheUniversityofCaliforniaatIrvine.WewouldliketothankYuk-SheeChars.JerryFeltham,RonGiammarino,DonKirk,VojislavMaksimovic,HenryMcMil
8、lan,EricRasmusen,Michael&linger,TomRussell,RobertVerrecchia(therefer
