Recently, the academic journalTalk Less, Learn More: Strategic Disclosure in Response to Managerial Learning from the Options Marketwritten by Yang Xin, assistant professor of the School of Accounting of CUFE, Jeffrey Ng, Professor of The Hong Kong Polytechnic University, and Yang Chen, Professor of City University of Hong Kong, was published in theJournal of Accounting Research, one of the top three international journals in the field of accounting.

This study has complemented the literature on voluntary information disclosure by further exploring the impact of management learning on disclosure behavior. In addition, by focusing on the impact of stock option trading on voluntary information disclosure, this study has also extended the research line of previous work that paid particular attention to the impact of option trading on the market.