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《Systems Engineering》 2013-01
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Investors’ Bounded Rationality and the Cost Effect of Information Disclosure

LIU Shan-cun,XIN Rong,SONG Dian-yu(School of Economics and Management,Beihang University,Beijing 100191,China)  
We study the capital cost effect of listed firms’ information disclosure under the framework of behavioral finance,and we analyze the effects of bounded rationality and heterogeneous beliefs on listed company’s optimal decision-making of information disclosure,with the purpose of revealing the mechanism of listed firms’ limited information disclosure.The results show that the listed firms will take different optimal information disclosure quantity according to the investors’ heterogeneous beliefs environment,and information disclosure will reduce the cost of capital only in the case that the quantity is below the optimal number.The capital cost effect of listed firms’ information disclosure varies with investors’ heterogeneous beliefs,and under the environment of irrational investors’ over-confidence,an increase amount of information disclosure bring the cost of capital more sharply down.Under the situation of irrational investors’ over-confidence,the optimal number increases with the proportion of rational investor,but under the condition of irrational investors’ underestimation of the signal accuracy,we have the opposite conclusion.Through further analysis,we find that the optimal number increase with the accuracy of the information.
【Fund】: 国家自然科学基金资助项目(71071010)
【CateGory Index】: F224;F233;F832.51
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