Risk aversion, mandatory disclosure and the concealment of information

Hui Huang

Economics Letters, 2008, vol. 99, issue 1, 2-9

Abstract: This paper studies a risk-averse insider's reaction to mandatory disclosure regulations. In particular, we examine the effects of disclosure on price efficiency and market liquidity. Contrary to what people generally believe, mandatory disclosure may lead to less efficient prices and less liquid markets.

Date: 2008
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