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| Author: | Narayanan, R. |
| Title: | Insider trading and the voluntary disclosure of information by firms |
| Journal: | Journal of Banking and Finance
2000 : MAR, VOL. 24:3, p. 395-425 |
| Index terms: | Disclosure Insider trading Mathematical models Managers Regulations |
| Language: | eng |
| Abstract: | We examine the voluntary disclosure policy of a firm where the manager has private information and opportunities to trade on it. The equilibrium disclosure policy ranges from full disclosure to partial disclosure to nondisclosure depending on whether the manager's pay-performance sensitivity is high, medium or low. |
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