Dynamic Information Acquisition, Investment, and Disclosure
ABSTRACT We present a dynamic model of information acquisition and disclosure. The manager seeks to maximize future stock prices and collects information privately about the firm's fundamentals. Information acquisition increases the arrival rate of private information. The manager can choose to disclose his private information or withhold it in perpetuity. We study the impact of information acquisition on the accumulation of private information, disclosure, and the firm's initial investment.
Authors
- Iván Marinovic (ORCID: https://orcid.org/0000-0002-3294-3463)
- Seung Lee (ORCID: https://orcid.org/0000-0001-7641-2384)
Institutions
- University of Southern Denmark (DK)
- Stanford University (US)
Publication Details
- Journal
- Journal of Accounting Research
- Published
- 2025-03-17
- DOI
- https://doi.org/10.1111/1475-679x.12610
- Citations
- 1
- Primary Topic
- Financial Markets and Investment Strategies
- Type
- article
- Field-Weighted Citation Impact
- 2.21
Funders
- Danmarks Frie Forskningsfond