Discretionary disclosure of proprietary information in a multisegment firm / Anil Arya in Management science, Vol. 56 N° 4 (Avril 2010)  

Public ISBD [article]  inManagement science > Vol. 56 N° 4 (Avril 2010) . - pp. 645-658 Titre : Discretionary disclosure of proprietary information in a multisegment firm Type de document : texte imprimé Auteurs : Anil Arya, Auteur ; Hans Frimor, Auteur ; Brian Mittendorf, Auteur Année de publication : 2010 Article en page(s) : pp. 645-658 Note générale : Management Langues : Anglais (eng) Mots-clés : Aggregation Competition Disclosure Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : The seminal “unraveling” result in the disclosure literature posits that discretion inevitably leads to full disclosure, even when such disclosure has detrimental consequences. In this paper, we revisit optimal disclosure of proprietary information when firms compete in multiple markets. The analysis demonstrates that in the presence of multiple segments, the unraveling result applies at the firmwide level but not necessarily segment by segment. Instead, when the firm has an ex ante desire to withhold information and segments are sufficiently similar, the ex post disclosure equilibrium entails aggregation of segment details. Aggregation arises because any ex post temptation to disaggregate and reveal particularly favorable news in one segment entails revealing unfavorable news in another segment. A desire to balance profits across segments then leads a firm to disclose firmwide information (a temptation that cannot be avoided), but only in the aggregate. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/4.toc [article] Discretionary disclosure of proprietary information in a multisegment firm [texte imprimé] / Anil Arya, Auteur ; Hans Frimor, Auteur ; Brian Mittendorf, Auteur . - 2010 . - pp. 645-658. Management Langues : Anglais (eng) in Management science > Vol. 56 N° 4 (Avril 2010) . - pp. 645-658 Mots-clés : Aggregation Competition Disclosure Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : The seminal “unraveling” result in the disclosure literature posits that discretion inevitably leads to full disclosure, even when such disclosure has detrimental consequences. In this paper, we revisit optimal disclosure of proprietary information when firms compete in multiple markets. The analysis demonstrates that in the presence of multiple segments, the unraveling result applies at the firmwide level but not necessarily segment by segment. Instead, when the firm has an ex ante desire to withhold information and segments are sufficiently similar, the ex post disclosure equilibrium entails aggregation of segment details. Aggregation arises because any ex post temptation to disaggregate and reveal particularly favorable news in one segment entails revealing unfavorable news in another segment. A desire to balance profits across segments then leads a firm to disclose firmwide information (a temptation that cannot be avoided), but only in the aggregate. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/4.toc

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