The disconnectbetweenthefulldisclos

The disconnectbetweenthefulldisclosurepredictionsintheearlyanalyticaldisclosureliterature(Grossman,1981 and
Milgrom,1981) andtheempiricallyobservedphenomenonoffirmssometimeswithholdinginformationinspiredthe
developmentofvoluntarydisclosureliterature.2 In hisseminalpapers, Verrecchia(1983, 1990) providesperhapsoneofthe
first explanationsforthephenomenonoffirmsconcealingsomeinformation:thepresenceofproprietarydisclosurecosts
can leadfirmstodiscloseonlyrelativelyfavorableinformationandwithholdunfavorableinformationinequilibrium.3
This disclosureliteratureassumesthatiffirmschoosetodisclose,theymustonlydisclosetheirprivateinformation
truthfully;theonlyotherchoicefirmshaveisnottomakeanydisclosures.Incontrast,thetradingliterature(e.g., Akerlof,
1970) oftenassumesthatsellerscannotcommunicatetheirprivateinformationcredibly.Whileboththesesetsof
assumptionsmaybetrueinavarietyofsettings,wealsoempiricallyobservesettingsinwhichthecredibilityoffirms'

ผลลัพธ์ (ไทย) 1:

Disconnectbetweenthefulldisclosurepredictionsintheearlyanalyticaldisclosureliterature การ (Grossman, 1981 และMilgrom, 1981) andtheempiricallyobservedphenomenonoffirmssometimeswithholdinginformationinspiredthedevelopmentofvoluntarydisclosureliterature.2 ใน hisseminalpapers, Verrecchia (1983, 1990) providesperhapsoneoftheexplanationsforthephenomenonoffirmsconcealingsomeinformation:thepresenceofproprietarydisclosurecosts แรกสามารถ leadfirmstodiscloseonlyrelativelyfavorableinformationandwithholdunfavorableinformationinequilibrium.3นี้ disclosureliteratureassumesthatiffirmschoosetodisclose, theymustonlydisclosetheirprivateinformationจริง ๆ theonlyotherchoicefirmshaveisnottomakeanydisclosuresIncontrast, thetradingliterature (เช่น Akerlofoftenassumesthatsellerscannotcommunicatetheirprivateinformationcredibly 1970)Whileboththesesetsofassumptionsmaybetrueinavarietyofsettings, wealsoempiricallyobservesettingsinwhichthecredibilityoffirms'

ผลลัพธ์ (ไทย) 2:

disconnectbetweenthefulldisclosurepredictionsintheearlyanalyticaldisclosureliterature (กรอสแมน, ปี 1981 และ
มิลกรอม, 1981)
ใน hisseminalpapers, Verrecchia (1983, 1990) providesperhapsoneofthe
แรก Akerlof, 1970)

ผลลัพธ์ (ไทย) 3:

การ disconnectbetweenthefulldisclosurepredictionsintheearlyanalyticaldisclosureliterature ( กรอสแมน 1981 และ
milgrom , 1981 ) andtheempiricallyobservedphenomenonoffirmssometimeswithholdinginformationinspiredthe
developmentofvoluntarydisclosureliterature 2 ใน hisseminalpapers verrecchia ( 1983 , 1990 ) explanationsforthephenomenonoffirmsconcealingsomeinformation แรก providesperhapsoneofthe
:สามารถ leadfirmstodiscloseonlyrelativelyfavorableinformationandwithholdunfavorableinformationinequilibrium thepresenceofproprietarydisclosurecosts
3
disclosureliteratureassumesthatiffirmschoosetodisclose นี้ theymustonlydisclosetheirprivateinformation
ความจริง ; theonlyotherchoicefirmshaveisnottomakeanydisclosures . และ thetradingliterature ( เช่น เ คอร์ลอฟ
, ,1970 ) oftenassumesthatsellerscannotcommunicatetheirprivateinformationcredibly . whileboththesesetsof
assumptionsmaybetrueinavarietyofsettings wealsoempiricallyobservesettingsinwhichthecredibilityoffirms ' ,