Download This PaperGuiding the Guiders: Foundations of a Market-Driven Theory of Disclosure
Forthcoming, Banach Center Publ., special issue "Stochastic modeling and control" (ed. J. Jakubowski, M. Niweglowski, M. Rasonyi, L. Stettner).
38 Pages Posted: 4 May 2020
Date Written: April 7, 2020
Abstract
A foundational approach is developed for a mathematical theory of managerial disclosure in relation to asset pricing; this involves both the earnings guidance disclosed by firm management and market trackers pricing the firms exposure to quotable risks.
Keywords: risk-neutral valuation, asset-price dynamics, earnings guidance, optimal censoring, materiality, state observer system
Suggested Citation: Suggested Citation
Gietzmann, Miles B. and Ostaszewski, Adam J. and Schroder, Michael H. G., Guiding the Guiders: Foundations of a Market-Driven Theory of Disclosure (April 7, 2020). Forthcoming, Banach Center Publ., special issue "Stochastic modeling and control" (ed. J. Jakubowski, M. Niweglowski, M. Rasonyi, L. Stettner)., Available at SSRN: https://ssrn.com/abstract=3570525