Information Disclosure to Employees and Rational Expectations: A Game-Theoretical Perspective
This 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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Volume (Year): 24 (1997-10)
Issue (Month): 9&10 ()
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