We study a model of strategic disclosure where a decision maker consults an expert of uncertain types about the state and then chooses between two actions according to his expected state and realized private preference. The expert may be an honest type who discloses whatever information...

We consider the communication of expertise in a disclosure game. A sender wants to persuade a receiver to take a high-value action. The sender has private information about her ability to acquire evidence, called her expertise. After the sender communicates her expertise to the receiver through...

Purpose: In this study, an attempt is made to explore the trend in risk disclosure among Indian companies. The purpose of this paper is to present taxonomy of risk disclosure by examining a sample of non-financial companies listed on the Bombay Stock Exchange. Research Methodology/Design: For...

We examine recent regulation requiring US municipal governments to disclose private debt. We show that governments fail to disclose 55-80% of reportable debt events and that, conditional on disclosure, filings often omit contract details essential for bond pricing. Non-compliant issuers are also...

Using hand-collected data on political contributions from undisclosed sources, we document novel stylized facts on "dark money" and its role in elections and politician type. Over the past decade, dark money has become a major source of campaign financing and currently comprises the largest...

We study the links between conditional conservatism and voluntary disclosure of management private information. We argue that conditional conservatism acts as a mechanism that lends credibility to voluntary disclosure by providing a hard reporting benchmark that allows outsiders to better...

This paper investigates whether risk-related disclosure, which includes aggregate risk disclosure and its tone , including upside and downside risk disclosures, is value relevant for investors in the UK market. Based on 1,941 firm-year observations for nonfinancial firms listed on the FTSE...

We examine the effects of mandating compensation disclosure on executive incentive contracts, earnings management, firm value, and social welfare. We develop a moral hazard model with multiple principal-agent pairs facing an external monitor who allocates resources across firms to verify...

Motivated by the SEC’s new proposal to require firms to publicly disclose their cybersecurity incidents within four days of discovery, we study whether there are trade-offs with mandating a disclosure deadline for cybersecurity incidents. In the U.S., state-level data breach disclosure laws...

This paper examines how a manager uses voluntary disclosure to influence corporate control by a short-term shareholder. Since a short-term shareholder intervenes excessively, the manager's disclosure strategy is determined by the trade-off between excessive and insufficient intervention. In...