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点击蓝字 关注我们 01 原文： Chen H, Liang P J, Petrov E. Innovation and financial disclosure[J].Journal of Accounting Research, 2024,62(3): 935 - 979. Innovation and Financial Disclosure ABSTRACT: We examine how financial disclosure policy affects a firm manager's strategy to innovate within a two-period bandit problem featuring two production methods: an old method with a known probability of success, and a new method with an unknown probability. Exploring the new method in the first period provides the manager with decision-useful information for the second period, thus creating a real option that is unavailable under exploiting the old known production method. Voluntary disclosure of the firm's financial performance provides the manager with another option to potentially conceal initial failure from the market. The interaction of these two options determines the manager's incentive to explore. In equilibrium, a myopic manager who cares about the interim market pr
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