Promoting informativeness via staggered information releases

摘要

When a firm has multiple pieces of information, this study shows that the firm does better from staggering the release of information than from expedi-tiously releasing all information at once. This is because releasing multiple pieces of information over time allows the firm to learn from the market's response to each piece of information. In contrast, releasing all information at once impedes the firm's ability to learn from the aggregate market response to all information. In effect, delaying the release of some information may improve the firm's capacity to fine-tune follow-up decisions based on the market's reactions.