Research into Corporate Information Disclosure Internalizes: A Theoretical Analysis and Empirical Test

摘要

Because the information disclosure contract can't be defined clear inevitably both to companies and to stock holders, the ownership of abnormal revenue in the term between information born and information disclosed cannot be completely and clearly defined. So with advantages in information, corporation management tries to grab the wealth. That is what is called an internality. In this paper, using case studies of corporate annual reports publications, we attempt to prove the internalities in security market, by both economic analysis and by experiential test. The result may be useful to market supervisors.