Qi Wang
Qi Wang has a total of 2 co-authors. Here are the top co-authors by number of shared publications:
- Shunming Zhang
Renmin University of China
1 shared publication - Yuzhe Sun1 shared publication
Latest Publications
- Open Access
- 7 September 2026
- Published by Elsevier in SSRN Electronic Journal
How Investor Variance Ambiguity Shapes a Firm's Disclosure Commitment
We study a risk-neutral firm's endogenous disclosure commitment before a fixed-precision signal is realized. A representative investor faces variance ambiguity, and the firm anticipates how disclosure changes the investor's worst-case valuation. Disclosure lowers the date-0 averages of the posterior mean and variance. The lower mean depresses the expected price, whereas the lower variance raises it. Two cases arise: costless disclosure is optimal at every degree of ambiguity, or a unique ambiguity threshold exists, with disclosure below it and nondisclosure above it. Thus, variance ambiguity can generate corporate opacity even when disclosure is costless.
- 7 September 2026
- Published by Elsevier in SSRN Electronic Journal
Open AccessHow Investor Variance Ambiguity Shapes a Firm's Disclosure Commitment
We study a risk-neutral firm's endogenous disclosure commitment before a fixed-precision signal is realized. A representative investor faces variance ambiguity, and the firm anticipates how disclosure changes the investor's worst-case valuation. Disclosure lowers the date-0 averages of the posterior mean and variance. The lower mean depresses the expected price, whereas the lower variance raises it. Two cases arise: costless disclosure is optimal at every degree of ambiguity, or a unique ambiguity threshold exists, with disclosure below it and nondisclosure above it. Thus, variance ambiguity can generate corporate opacity even when disclosure is costless.