We analyze the reliability of voluntary disclosures of financial information, focusing on widely-employed publicly … available hedge fund databases. Tracking changes to statements of historical performance recorded at different points in time … performance histories significantly and predictably underperform those that have never revised, suggesting that unreliable …

We consider the strategic timing of information releases in a dynamic disclosure model. Because investors don’t know … trigger the immediate release of information by firms. Conversely, good market news slows the release of information by firms … preemptively disclose their own information prior to the arrival of external information. These results have implications for …

We consider a setting in which insiders have information about income that outside shareholders do not, but property … with outsiders' expectations based on publicly available information rather than true income, resulting in an observed …

Performance indicators are increasingly used to regulate quality in health care and other areas of the public sector …

: a) providers differ in efficiency and there are two types of provider; b) efficiency is private information (adverse …

for private information. We charac terize optimal mechanisms and analyze specific programs often used during banking …

We survey the recent literature on the role of information in mechanism design. First, we discuss an emerging … literature on the role of endogenous payoff and strategic information for the design and the efficiency of the mechanism. We … specifically consider information management in the form of acquisition of new information or disclosure of existing information …

introduced by the presence of moral hazard naturally depends on the information structure in the economy; it is cheaper to induce … correct incentives in a society which possesses better ex-post information. The degree of ex-post information depends on the … number of projects and entrepreneurs in the economy; the more projects, the better the information. This implies that in the …

-Coate (1997)) to an asymmetric information setting, in which the type of a given individual is assumed to be private information … for a number of (potential) candidates at most equal to three. This is in sharp contrast with the complete information …

information and correlated between them. The principals benchmark their agents against each other by making the same offers in the …