The Real Costs of Disclosure

摘要: This paper models the effect of disclosure on real investment. We show that, even if act is costless, a high-disclosure policy can be costly. Some information ("soft") cannot disclosed. Increased "hard" augments absolute and reduces cost capital. However, by distorting relative amounts hard soft information, increased induces manager to improve at expense soft, e.g. cutting Investment depends asset pricing variables such as investors' liquidity shocks; (non-monotonically) corporate finance growth opportunities manager's horizon. Even low optimal induce investment, may unable commit it. If turns out good, he will disclose it regardless preannounced policy. Government intervention cap create value, in contrast common calls increase disclosure.