文章基本信息

标题：The Price of Disclosure in the Thoroughbred Yearling Market
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作者：Plant, Emily J. ; Stowe, C. Jill
期刊名称：Journal of Agribusiness
印刷版ISSN：0738-8950
出版年度：2011
期号：Suppl
出版社：Journal of Agribusiness
摘要：In this paper, we examine the effects of disclosure of information on market price using Thoroughbred yearling auction data. We find that disclosures do not influence price in a segment of the auction in which quality certification is available, and consequently, the data suggest that sellers “over-disclose” in this segment of the market. However, among non-certified yearlings, we find evidence that some types of disclosures provide valuable information to buyers. Moreover, when estimating the average market value of disclosures, results suggest that some types of information are highly costly to sellers in terms of discounted prices.
关键词：asymmetric information;mandatory disclosure;voluntary disclosure;Thoroughbred industry;auction