Edmans, Alex; Heinle, Mirko; Huang, Chong - C.E.P.R. Discussion Papers - 2013
This paper models the effect of disclosure on real investment. We show that, even if the act of disclosure is costless …, a high-disclosure policy can be costly. Some information ("soft") cannot be disclosed. Increased disclosure of "hard … soft information, increased disclosure induces the manager to improve hard information at the expense of soft, e.g. by …