{"id":"https://openalex.org/W3124046884","doi":"https://doi.org/10.1093/rfs/13.3.479","title":"Forcing Firms to Talk: Financial Disclosure Regulation and Externalities","display_name":"Forcing Firms to Talk: Financial Disclosure Regulation and Externalities","publication_year":2000,"publication_date":"2000-07-01","ids":{"openalex":"https://openalex.org/W3124046884","doi":"https://doi.org/10.1093/rfs/13.3.479","mag":"3124046884"},"language":"en","primary_location":{"id":"doi:10.1093/rfs/13.3.479","doi":"https://doi.org/10.1093/rfs/13.3.479","is_oa":false,"landing_page_url":"https://doi.org/10.1093/rfs/13.3.479","pdf_url":null,"source":{"id":"https://openalex.org/S170137484","display_name":"Review of Financial Studies","issn_l":"0893-9454","issn":["0893-9454","1465-7368"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Review of Financial Studies","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.2139/ssrn.103968","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5006978875","display_name":"Anat R. Admati","orcid":"https://orcid.org/0000-0002-9201-4017","observed_orcids":["https://orcid.org/0000-0002-9201-4017"]},"institutions":[{"id":"https://openalex.org/I97018004","display_name":"Stanford University","ror":"https://ror.org/00f54p054","country_code":"US","type":"education","lineage":["https://openalex.org/I97018004"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Anat R. Admati","raw_affiliation_strings":["Stanford University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Stanford University","institution_ids":["https://openalex.org/I97018004"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5016923714","display_name":"Paul Pfleiderer","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I97018004","display_name":"Stanford University","ror":"https://ror.org/00f54p054","country_code":"US","type":"education","lineage":["https://openalex.org/I97018004"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Paul Pfleiderer","raw_affiliation_strings":["Stanford University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Stanford University","institution_ids":["https://openalex.org/I97018004"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5006978875"],"corresponding_institution_ids":["https://openalex.org/I97018004"],"apc_list":{"value":4028,"currency":"USD","value_usd":4028},"apc_paid":null,"fwci":56.029,"has_fulltext":false,"cited_by_count":517,"citation_normalized_percentile":{"value":0.99675691,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":99,"max":100},"biblio":{"volume":"13","issue":"3","first_page":"479","last_page":"519"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.7803000211715698,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.7803000211715698,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.06199999898672104,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11031","display_name":"Game Theory and Applications","score":0.036400001496076584,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/voluntary-disclosure","display_name":"voluntary disclosure","score":0.8690000176429749},{"id":"https://openalex.org/keywords/financial-disclosure-regulation","display_name":"financial disclosure regulation","score":0.9089999794960022},{"id":"https://openalex.org/keywords/disclosure-costs","display_name":"disclosure costs","score":0.6209999918937683},{"id":"https://openalex.org/keywords/externalities","display_name":"externalities","score":0.824999988079071},{"id":"https://openalex.org/keywords/social-efficiency","display_name":"social efficiency","score":0.5410000085830688},{"id":"https://openalex.org/keywords/disclosure-regulation","display_name":"disclosure regulation","score":0.47200000286102295},{"id":"https://openalex.org/keywords/nash-equilibrium","display_name":"Nash equilibrium","score":0.5830000042915344},{"id":"https://openalex.org/keywords/welfare-analysis","display_name":"welfare analysis","score":0.4830000102519989}],"concepts":[{"id":"https://openalex.org/C2779055846","wikidata":"https://www.wikidata.org/wiki/Q7940976","display_name":"Voluntary disclosure","level":2,"score":0.7159828543663025},{"id":"https://openalex.org/C84265765","wikidata":"https://www.wikidata.org/wiki/Q193219","display_name":"Subsidy","level":2,"score":0.7042608261108398},{"id":"https://openalex.org/C16118543","wikidata":"https://www.wikidata.org/wiki/Q275372","display_name":"Externality","level":2,"score":0.6625126600265503},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.573043167591095},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.5464122295379639},{"id":"https://openalex.org/C100243477","wikidata":"https://www.wikidata.org/wiki/Q12002092","display_name":"Welfare","level":2,"score":0.5266739726066589},{"id":"https://openalex.org/C46814582","wikidata":"https://www.wikidata.org/wiki/Q23389","display_name":"Nash equilibrium","level":2,"score":0.5010402202606201},{"id":"https://openalex.org/C197115733","wikidata":"https://www.wikidata.org/wiki/Q1003136","display_name":"Forcing (mathematics)","level":2,"score":0.47585198283195496},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4732782542705536},{"id":"https://openalex.org/C536738050","wikidata":"https://www.wikidata.org/wiki/Q3249071","display_name":"Social Welfare","level":2,"score":0.46114853024482727},{"id":"https://openalex.org/C26077564","wikidata":"https://www.wikidata.org/wiki/Q1910318","display_name":"Turnover","level":2,"score":0.43051066994667053},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.3675209879875183},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.34623342752456665},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.3167293071746826},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.07151681184768677},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C187736073","wikidata":"https://www.wikidata.org/wiki/Q2920921","display_name":"Management","level":1,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0},{"id":"https://openalex.org/C127313418","wikidata":"https://www.wikidata.org/wiki/Q1069","display_name":"Geology","level":0,"score":0.0},{"id":"https://openalex.org/C49204034","wikidata":"https://www.wikidata.org/wiki/Q52139","display_name":"Climatology","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1093/rfs/13.3.479","doi":"https://doi.org/10.1093/rfs/13.3.479","is_oa":false,"landing_page_url":"https://doi.org/10.1093/rfs/13.3.479","pdf_url":null,"source":{"id":"https://openalex.org/S170137484","display_name":"Review of Financial Studies","issn_l":"0893-9454","issn":["0893-9454","1465-7368"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Review of Financial Studies","raw_type":"journal-article"},{"id":"doi:10.2139/ssrn.103968","doi":"https://doi.org/10.2139/ssrn.103968","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.103968","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"}],"best_oa_location":{"id":"doi:10.2139/ssrn.103968","doi":"https://doi.org/10.2139/ssrn.103968","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.103968","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"score":0.5400000214576721,"id":"https://metadata.un.org/sdg/16","display_name":"Peace, justice, and strong institutions"},{"score":0.41999998688697815,"id":"https://metadata.un.org/sdg/10","display_name":"Reduced inequalities"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":22,"referenced_works":["https://openalex.org/W1481259643","https://openalex.org/W1528744990","https://openalex.org/W1542183466","https://openalex.org/W1965462086","https://openalex.org/W1965672189","https://openalex.org/W1991567646","https://openalex.org/W1997138223","https://openalex.org/W2018650603","https://openalex.org/W2031754064","https://openalex.org/W2050175305","https://openalex.org/W2069577472","https://openalex.org/W2079374669","https://openalex.org/W2104042900","https://openalex.org/W2146756020","https://openalex.org/W2310735262","https://openalex.org/W2330412835","https://openalex.org/W2473682693","https://openalex.org/W2613951273","https://openalex.org/W2796582032","https://openalex.org/W3124114405","https://openalex.org/W4247804144","https://openalex.org/W6999859082"],"related_works":["https://openalex.org/W7136367614","https://openalex.org/W4410597229","https://openalex.org/W2613951273","https://openalex.org/W2051711783","https://openalex.org/W206760966","https://openalex.org/W4368367578","https://openalex.org/W2104788716","https://openalex.org/W7221154888","https://openalex.org/W2184676298","https://openalex.org/W4254530294"],"abstract_inverted_index":{"In":[0,39,58],"this":[1],"paper":[2],"we":[3,64,123],"analyze":[4],"a":[5,101,114,159,168],"model":[6,89],"of":[7,36,47,61,68,73,87,120,127,157,170,177,207,210],"voluntary":[8],"disclosure":[9,83,137,148,165],"by":[10,30],"firms":[11,42,193],"in":[12,70,80,130,195,215],"financial":[13],"markets.":[14],"We":[15,153],"focus":[16],"on":[17],"externalities":[18],"that":[19,125,172],"arise":[20],"when":[21,104],"firm":[22,32],"values":[23],"are":[24,139,190],"correlated":[25],"and":[26,50],"the":[27,34,45,59,71,74,81,88,93,105,109,118,128,131,134,155,164,174,213],"disclosures":[28],"made":[29],"one":[31,62],"affect":[33],"valuation":[35],"other":[37,199,214],"firms.":[38],"our":[40],"model,":[41],"can":[43,182],"choose":[44],"precision":[46,95,107,161],"their":[48,196],"disclosure,":[49,51,75],"which":[52,76],"is":[53,112,145,203],"costly,":[54],"has":[55],"social":[56],"value.":[57],"case":[60,119],"firm,":[63],"uncover":[65],"interesting":[66],"economies":[67],"scale":[69],"value":[72,111],"lead":[77],"to":[78,100,150],"discontinuities":[79],"optimal":[82,94],"policy":[84],"as":[85],"parameters":[86],"change.":[90],"For":[91,117],"example,":[92],"may":[96],"jump":[97],"from":[98],"zero":[99],"positive":[102],"level":[103,162],"prior":[106],"regarding":[108],"firm's":[110],"at":[113],"threshold":[115],"level.":[116],"multiple":[121],"firms,":[122],"show":[124],"because":[126],"externality":[129],"firms'":[132],"valuation,":[133],"Nash":[135],"equilibrium":[136],"policies":[138],"often":[140],"socially":[141],"inefficient.":[142],"Thus,":[143],"there":[144,189],"scope":[146],"for":[147,163,186],"regulation":[149,211],"improve":[151,184],"welfare.":[152],"study":[154],"possibilities":[156],"mandating":[158],"minimal":[160],"or":[166,198],"setting":[167],"system":[169],"subsidies":[171],"reduce":[173],"perceived":[175],"cost":[176,197],"disclosure.":[178],"While":[179],"both":[180],"methods":[181,209],"sometimes":[183],"welfare,":[185],"each":[187],"method":[188],"cases":[191],"(where":[192],"differ":[194],"parameters)":[200],"where":[201],"welfare":[202],"not":[204],"improved.":[205],"Neither":[206],"these":[208],"dominates":[212],"all":[216],"situations.":[217]},"counts_by_year":[{"year":2026,"cited_by_count":23},{"year":2025,"cited_by_count":27},{"year":2024,"cited_by_count":18},{"year":2023,"cited_by_count":30},{"year":2022,"cited_by_count":17},{"year":2021,"cited_by_count":13},{"year":2020,"cited_by_count":21},{"year":2019,"cited_by_count":31},{"year":2018,"cited_by_count":21},{"year":2017,"cited_by_count":24},{"year":2016,"cited_by_count":22},{"year":2015,"cited_by_count":23},{"year":2014,"cited_by_count":21},{"year":2013,"cited_by_count":24},{"year":2012,"cited_by_count":22}],"updated_date":"2026-10-31T12:09:11.096373","created_date":"2021-02-01T00:00:00"}