This paper provides first evidence of negative peer disclosure (NPD), an emerging corporate strategy to publicize adverse news of industry peers on social media. Consistent with NPDs being implicit positive self-disclosures, disclosing firms experience a two-day abnormal return of 1.6–1.7% over the market and industry. Further exploring the benefits and costs of such disclosures, we find that NPD propensity increases with the degree of product market rivalry and technology proximity and disclosing firms outperform nondisclosing peers in the product markets in the year following NPDs. These results rationalize peer disclosure and extend the scope of the literature beyond self-disclosure.

本文提供了负面的同伴披露（NPD）的初步证据，NPD是一种新兴的公司策略，用于在社交媒体上发布行业同adverse的不利消息。与NPD是隐含的积极自我披露一致，披露公司在市场和行业中经历了两天的1.6-1.7％的异常收益。进一步探讨此类披露的收益和成本，我们发现NPD的倾向随着产品市场竞争和技术接近程度的提高而增加，而在NPD之后的一年中，披露公司的表现要优于产品市场中未披露的同行。这些结果使同龄人的披露合理化，并扩大了自我披露范围之外的文献范围。