all participants but with ambiguity (partial transparency). We show that, in theory, both communication strategies are … reducing the degree of transparency. We run a laboratory experiment to test whether theoretical predictions hold in a game … transparency and partial publicity to control market reaction to their disclosures. …

This paper shows that transparency in banking can be harmful from a social planner’s point of view. According to our … model, enhancing transparency above a certain level may lead to the inefficient liquidation of a bank. The reason lies in … transparency may be useful to reduce incentives for excessive risk-taking (moral hazard), it may also increase the risk of …

This paper shows that transparency in banking can be harmful from a social planner's point of view. According to our … model, enhancing transparency above a certain level may lead to the inefficient liquidation of a bank. The reason lies in … transparency may be useful to reduce incentives for excessive risk-taking (moral hazard), it may also increase the risk of …