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Yang Liyan : Disclosure, Competition, and Learning from Asset Price​s
来源: 点击次数:次 发布时间:2018-12-20 编辑:经济学院

SpeakerLiyan Yang(Professor of Finance, Peter L. Mitchelson/SIT Investment Associates Foundation Chair in Investment StrategyRotman School of Management, University of Toronto)

Description:This paper studies information sharing in a duopoly product market in which firms learn information from asset prices. By disclosing information, a firm incurs a proprietary cost of losing competitive advantage to its rival firm but benefits from learning from a more informative asset market. Learning from asset prices can dramatically change firms’ disclosure behaviors: without learning from prices, firms do not disclose at all; but with learning from prices, firms can fully disclose their information. Firms’ disclosure decisions can exhibit strategic complementarity, which leads to both a disclosure equilibrium and a nondisclosure equilibrium.

Time:December 21, 2018(Friday), 14:00-15:30

Venue:Shahe No. 1 Building, room 201



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