This paper analyzes how differences in disclosure environments affect the firms choice between private and public capital. Disclosure regulations prescribe to what extent the firm has to release confidential information that may lead to the firm incurring proprietary cost. We examine which firms go public in equilibrium, and how the equilibrium outcomes change with changes in the disclosure environments.
|Place of Publication||Tilburg|
|Number of pages||36|
|Publication status||Published - 2000|
|Name||CentER Discussion Paper|
- Going-public decision
- disclosure environments
- proprietary cost