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Disclosure dynamics and investor lea...

Zhou, Shuang.

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Disclosure dynamics and investor learning.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Disclosure dynamics and investor learning./
Author:	Zhou, Shuang.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2017,
Description:	87 p.
Notes:	Source: Dissertation Abstracts International, Volume: 78-08(E), Section: A.
Contained By:	Dissertation Abstracts International78-08A(E).
Subject:	Accounting. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10239977
ISBN:	9781369665864

Disclosure dynamics and investor learning.
Zhou, Shuang.

Disclosure dynamics and investor learning. - Ann Arbor : ProQuest Dissertations & Theses, 2017 - 87 p.

Source: Dissertation Abstracts International, Volume: 78-08(E), Section: A.

Thesis (Ph.D.)--The University of Chicago, 2017.

This paper examines the effects of investors' learning of unknown underlying firm profitability on the dynamics of managers' voluntary disclosure decisions. I structurally estimate a voluntary disclosure model in which investors learn profitability over multiple years from management earnings forecasts and realized earnings. The results suggest that investor learning induces persistent disclosure incentives. Other things equal, a 10% change in the likelihood of disclosure caused by shocks to investors' beliefs about profitability is associated with a 10% change in the likelihood of disclosure in the next year. In addition, disclosure is more likely when investors' beliefs about profitability are more pessimistic relative to the true profitability or investors are more uncertain about their beliefs. This paper enriches the understanding of the role of investor learning of unknown parameters in driving disclosure decisions. In doing so, it also provides an economic explanation for the observed ''stickiness'' of managers' disclosure decisions.

ISBN: 9781369665864Subjects--Topical Terms:

557516
Accounting.

Disclosure dynamics and investor learning.
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245 1 0 $a Disclosure dynamics and investor learning.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2017
300 $a 87 p.
500 $a Source: Dissertation Abstracts International, Volume: 78-08(E), Section: A.
500 $a Adviser: Douglas Skinner.
502 $a Thesis (Ph.D.)--The University of Chicago, 2017.
520 $a This paper examines the effects of investors' learning of unknown underlying firm profitability on the dynamics of managers' voluntary disclosure decisions. I structurally estimate a voluntary disclosure model in which investors learn profitability over multiple years from management earnings forecasts and realized earnings. The results suggest that investor learning induces persistent disclosure incentives. Other things equal, a 10% change in the likelihood of disclosure caused by shocks to investors' beliefs about profitability is associated with a 10% change in the likelihood of disclosure in the next year. In addition, disclosure is more likely when investors' beliefs about profitability are more pessimistic relative to the true profitability or investors are more uncertain about their beliefs. This paper enriches the understanding of the role of investor learning of unknown parameters in driving disclosure decisions. In doing so, it also provides an economic explanation for the observed ''stickiness'' of managers' disclosure decisions.
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