Speaker：Liyan 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