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Promoting informativeness via staggered information releases

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  • Ram N. V. Ramanan

    (University of California)

Abstract

When a firm has multiple pieces of information, this study shows that the firm does better from staggering the release of information than from expeditiously releasing all information at once. This is because releasing multiple pieces of information over time allows the firm to learn from the market’s response to each piece of information. In contrast, releasing all information at once impedes the firm’s ability to learn from the aggregate market response to all information. In effect, delaying the release of some information may improve the firm’s capacity to fine-tune follow-up decisions based on the market’s reactions.

Suggested Citation

  • Ram N. V. Ramanan, 2015. "Promoting informativeness via staggered information releases," Review of Accounting Studies, Springer, vol. 20(1), pages 537-558, March.
    • Handle: RePEc:spr:reaccs:v:20:y:2015:i:1:d:10.1007_s11142-014-9307-6
    DOI: 10.1007/s11142-014-9307-6
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    JEL classification:

    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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