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Dynamic Information Acquisition, Investment, and Disclosure

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  • SEUNG Y. LEE
  • IVÁN MARINOVIC

Abstract

We present a dynamic model of information acquisition and disclosure. The manager seeks to maximize future stock prices and collects information privately about the firm's fundamentals. Information acquisition increases the arrival rate of private information. The manager can choose to disclose his private information or withhold it in perpetuity. We study the impact of information acquisition on the accumulation of private information, disclosure, and the firm's initial investment.

Suggested Citation

  • Seung Y. Lee & Iván Marinovic, 2025. "Dynamic Information Acquisition, Investment, and Disclosure," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 63(4), pages 1547-1581, September.
    • Handle: RePEc:bla:joares:v:63:y:2025:i:4:p:1547-1581
    DOI: 10.1111/1475-679X.12610
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