Disclosure Regulation and Competitive Interactions
| العنوان: | Disclosure Regulation and Competitive Interactions |
|---|---|
| المؤلفون: | Gaizka Ormazabal, Miguel Duro, Marc Badia, Bjorn N. Jorgensen |
| المصدر: | Accounting Review. 96(5):1-29 |
| بيانات النشر: | American Accounting Association, 2021. |
| سنة النشر: | 2021 |
| مصطلحات موضوعية: | Economics and Econometrics, Competition, business.industry, Competition (economics), Informational spillovers, Petroleum industry, Accounting, Disclosure of oil and gas reserves, Real externalities of disclosure regulation, Proprietary costs, Disclosure rules, Business, Finance, Industrial organization |
| الوصف: | We study the effects of mandatory disclosure on competitive interactions in the setting of oil and gas (O&G) reserve disclosures by North American public firms. We document that reserve disclosures inform competitors: when one firm announces larger increases in O&G reserves, competitors experience lower announcement returns and higher real investments. To sharpen identification, we analyze several sources of cross-sectional variation in these patterns, the degree of competition, and the sign and the source of reserves changes. We also exploit two plausibly exogenous shocks: the tightening of the O&G reserve disclosure rules and the introduction of fracking technology. Additional tests more directly focused on the presence of proprietary costs confirm that the mandated reserve disclosures result in a relative loss of competitive edge for announcing firms. Our collective evidence highlights important trade-offs in the market-wide effects of disclosure regulation. |
| اللغة: | English |
| تدمد: | 1558-7967 0001-4826 |
| DOI: | 10.2308/TAR-2018-0436 |
| URL الوصول: | https://explore.openaire.eu/search/publication?articleId=doi_dedup___::cbdf91407d7cc9d7ad171e322c232df5 https://doi.org/10.2308/TAR-2018-0436 |
| Rights: | OPEN |
| رقم الانضمام: | edsair.doi.dedup.....cbdf91407d7cc9d7ad171e322c232df5 |
| قاعدة البيانات: | OpenAIRE |
| تدمد: | 15587967 00014826 |
|---|---|
| DOI: | 10.2308/TAR-2018-0436 |