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| Author: | Perotti, E.C. Thadden, E-L. von |
| Title: | Strategic transparency and informed trading: will capital market integration force convergence of corporate governance? |
| Journal: | Journal of Financial and Quantitative Analysis
2003 : MAR, VOL. 38:1, p. 61-85 |
| Index terms: | Capital markets Corporate governance Information Integration Trading |
| Freeterms: | Transparency |
| Language: | eng |
| Abstract: | Dominant investors can influence the publicly available information about firms by affecting the cost of information collection. Under strategic competition, transparency results in higher variability of profits and output. Thus, lenders prefer less transparency, since this protects firms in a weak competitive position, while equity holders prefer more. |
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