(An) empirical study of dynamic information disclosure model

Abstract

This paper conducted an empirical study of a dynamic information disclosure model based on financial data of firms listed in the US market. As a result of the analysis, it was confirmed that the more information specific to the manager of the firm, the earlier the firm made disclosure. On the contrary, it was confirmed through various proxies that the manager of the company delayed the announcement of the company's performance as the more information specific to the company's investors was. These results have given validity to the dynamic information disclosure model and suggest that the corporate disclosure models have helped develop in an appropriate direction.