危害
自愿披露
资本成本
业务
货币经济学
首都(建筑)
人群
资本市场
产业组织
会计
微观经济学
经济
财务
激励
历史
计算机科学
考古
法学
计算机安全
政治学
标识
DOI:10.1016/j.jacceco.2023.101605
摘要
This paper shows that mandating some firms to disclose more while leaving other firms disclosing voluntarily is less effective in improving and may even harm the overall information environment when firms' disclosures are endogenous. Although the regulated firms' increased disclosure directly reduces all firms' cost of capital, it crowds out the unregulated firms' voluntary disclosure and thus increases all firms’ cost of capital indirectly. Under certain circumstances, the negative indirect effect can outweigh the direct benefit. These results are consistent with the scant evidence on the cost-of-capital effect of mandatory disclosure. The model highlights the importance of the market-wide effects of disclosure regulation and facilitates quantitative cost-benefit analyses for specific regulatory proposals.
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