Accepted by Haresh Sapra. This paper was previously titled “Learn from and Disclose to the Stock Market.” Comments from participants at the 2009 Chicago--Minnesota Theory Conference, the 2010 Information, Markets and Organizations Conference at Harvard University, the 2010 Danish Center for Accounting and Finance Conference, 2012 FARS meeting, and workshops at City University of Hong Kong, National Chengchi University (Taiwan), Pennsylvania State University, University of Alberta, the University of Chicago, and University of Florida are appreciated. We would like to thank in particular Jeremy Bertomeu, John Core, Joel Demski, Douglas Diamond, Paul Fischer, Jonathan Glover, Milton Harris, Zhiguo He, Steve Huddart, and Florin Sabac for helpful discussions. Gao and Liang also acknowledge the generous financial support from Chicago Booth and from Tepper School Dean's Research Support, respectively.
Informational Feedback, Adverse Selection, and Optimal Disclosure Policy
Article first published online: 3 SEP 2013
Copyright ©, University of Chicago on behalf of the Accounting Research Center, 2013
Journal of Accounting Research
Volume 51, Issue 5, pages 1133–1158, December 2013
How to Cite
GAO, P. and LIANG, P. J. (2013), Informational Feedback, Adverse Selection, and Optimal Disclosure Policy. Journal of Accounting Research, 51: 1133–1158. doi: 10.1111/1475-679X.12019
- Issue published online: 23 OCT 2013
- Article first published online: 3 SEP 2013
- Accepted manuscript online: 19 JUL 2013 12:31PM EST
- Manuscript Accepted: 20 JUN 2013
- Manuscript Received: 19 SEP 2011
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