Disclosure is widely regarded as a necessary condition for market discipline in a modern financial sector. However, the … determinants of disclosure decisions are still unknown, particularly among banks. This paper investigates the determinants of … disclosure by Japanese Shinkin banks in 1996 and 1997. This period is unique because disclosure of non-performing loans was …

We model firms' quality disclosure and pricing in the presence of cursed consumers, who fail to be sufficiently ….e. mandatory disclosure, third party disclosure and consumer education may all increase exploitation and decrease welfare. Even …

on ex post outcomes impose a rational structure of expectations on school performance and post-graduation earnings … countries and check for relations of expected probability to graduate and of expected earnings with personal abilities and …

application, the paper explores a behavioral rationale for a Maximum for Taxable Earnings (MTE). It finds that if (1) the State …'s information is limited to current earnings; (2) earnings do not influence the earnings ratio for old age; and (3) the bias is … smaller only for the highest earnings quintile, then a MTE near the 80th percentile of the earnings distribution is optimal …