of the most successful ICOs. We find that liquidity and trading volume are higher when issuers offer voluntary disclosure …

Disclosure policies have the potential to help consumers and make markets more efficient. Yet, the effectiveness of … disclosure policies can be undermined if firms strategically make unfavorable information unnecessarily complicated to understand …. To explore the incentives for using complexity in disclosure, we implement a game of mandatory disclosure where senders …

This paper examines the labor market for mutual fund managers and managers' responses to the implicit incentives … the hypothesis that fund companies are learning about managers' abilities, managerial turnover is more performance …-sensitive for younger fund managers. Interpreting the separation-performance relationship as an incentive scheme, several of our …

sales) in Japan and the U.S. Japanese top managers are older and have shorter tenures as top managers than their U …