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Silence is safest: Information disclosure when the audience’s preferences are uncertain
16 references·8 citing·35 second hop
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uncertainty (2021)Environmental, Social, and Governance (ESG) disclosure: A literature review (2022)Voluntary disclosure with a strategic opponent (1990)Investor psychology in capital markets: evidence and policy implications (2002)The Economics of Privacy (2016)An Economic Approach to Influence Activities in Organizations (1988)Shortcuts Versus Encyclopedias: Information and Voting Behavior in California Insurance Reform Elections (1994)Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures (1993)Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis (2007)Financial Intermediation and Delegated Monitoring (1984)Prospect theory: An analysis of decision under risk (1988)Well-being : the foundations of hedonic psychology (1999)Earnings Management through Real Activities Manipulation (2003)Understanding earnings quality: A review of the proxies, their determinants and their consequences (2010)On the measurement of inequality (1970)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The arbitrage theory of capital asset pricing (1976)
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References

  • 2005The economic implications of corporate financial reporting6,337 cited
  • 1964Risk Aversion in the Small and in the Large4,964 cited
  • 1976Risk Aversion in the Small and in the Large4,655 cited
  • 1981Good News and Bad News: Representation Theorems and Applications3,198 cited
  • 1981The Informational Role of Warranties and Private Disclosure about Product Quality2,491 cited
  • 2004The Economic Implications of Corporate Financial Reporting1,998 cited
  • 1985Disclosure of Nonproprietary Information1,923 cited
  • 2017Why and How Investors Use ESG Information: Evidence from a Global Survey1,718 cited
  • 1986Relying on the Information of Interested Parties1,080 cited
  • 1980Disclosure Laws and Takeover Bids884 cited
  • 2010Quality Disclosure and Certification: Theory and Practice741 cited
  • 2015How Big Data Will Change Accounting625 cited
  • 1982Truthful Disclosure of Information526 cited
  • 1998The Association between Competition and Managers' Business Segment Reporting Decisions517 cited
  • 2005Managers' Motives to Withhold Segment Disclosures and the Effect of SFAS No. 131 on Analysts' Information Environment466 cited

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  • 1981Some Stronger Measures of Risk Aversion in the Small and the Large with Applications450 cited
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    • 2019Optimal reporting when additional information might arrive67 cited
    • 2024Green finance policies, financing constraints and corporate ESG performance: insights from supply chain management61 cited
    • 2023“Environmental disclosure greenwashing” and corporate value: The premium effect and premium devalue of environmental information56 cited
    • 2019False modesty: When disclosing good news looks bad35 cited
    • 2020Disclosing to Informed Traders28 cited
    • 2024Inside and Outside Information23 cited
    • 2024Informal institutions and corporate innovation: A Perspective from Red Culture18 cited
    • 2024Formal institutions, informal institutions, and firms' environmental innovation: An application of the fuzzy set qualitative comparative analysis method16 cited