as a result of voluntary disclosure and in turn increases firm value. This suggests that managers can causally influence … their cost of capital via voluntary disclosure …

We present evidence that complex disclosure can result from the strategic incentives to shroud information. We … make their reports. We find that senders use complex disclosure over half the time. Most of this obfuscation is profitable …

This essay reviews the theoretical and empirical literature on quality disclosure and certification. After comparing … quality disclosure with other quality assurance mechanisms and describing a brief history of quality disclosure, we address … government mandate disclosure? and (iii) Do certifiers necessarily report unbiased and accurate information? We further review …