Information Disclosure to Employees and Rational Expectations: A Game-Theoretical Perspective
AbstractThis paper analyses the voluntary disclosure strategies of a privately informed firm manager when the information is relevant to both a financial market for valuation purposes and a union for wage bargaining purposes. Disclosure of favourable information may adversely affect the terms under which the firm can secure the required flow of labour and may thus lead to a decrease in the firm's market value. The paper shows that both a full-disclosure and a nondisclosure equilibrium may exist, which contradicts an earlier analysis of the issue made by Pope and Peel (1981). Copyright Blackwell Publishers Ltd 1997.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Journal of Business Finance & Accounting.
Volume (Year): 24 (1997-10)
Issue (Month): 9&10 ()
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0306-686X
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- Florence Depoers, 2000. "A cost benefit study of voluntary disclosure: some empirical evidence from French listed companies," European Accounting Review, Taylor & Francis Journals, vol. 9(2), pages 245-263.
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