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“The Effect of Exogenous Information on Voluntary Disclosure and Market Quality” –  by Dr. Ilan Guttman
22Nov

“The Effect of Exogenous Information on Voluntary Disclosure and Market Quality” – by Dr. Ilan Guttman

Thursday, 22 November 2018 | 2:30 p.m. — 4:00 p.m.
1303, K.K. Leung Bldg
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Accounting & Law Seminar
Speaker:

Dr. Ilan Guttman
Associate Professor of Accounting
Leonard N. Stern School of Business
Kaufman Management Center, New York University

 

 

 

Abstract:

We analyze a disclosure model in which information may be voluntarily disclosed by a firm and/or by a third party such as a financial analyst. Under plausible assumptions, analyst coverage crowds out disclosure by the firm. Despite this crowding out, we show that an increase in analyst coverage increases the quality of public information. While ranking based on Blackwell informativeness cannot be obtained, we base this claim on two measures of public information. The first, price efficiency, is statistical in nature while the second, expected bid-ask spread, is based on liquidity in a trading stage that follows the information disclosure.

 

 

 

 

"Multilocation Newsvendor Problem: Centralization and Inventory Pooling" by Prof. Sean ZhouThursday, 22 November 2018
"Fake News Propagation and Detection: A Sequential Model" by Dr. Yiangos PapanastasiouMonday, 26 November 2018
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Thursday, 22 November 20182:30 p.m. — 4:00 p.m.
1303, K.K. Leung Bldg
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