In this paper we use a simultaneous equations model to examine the relationship between analysts' forecasting decisions … analysts' optimism concerning a firm's earnings responds positively to changes in the number of institutions holding the firm …

their costs are below the expected mean cost. Disclosure reduces consumer surplus when the disclosing firm's costs are below … the expected mean cost. The effect of disclosure on social welfare depends on the parameters of the problem. Finally, I … analyze the incentive of firms to agree to exchange information when disclosure exposes a firm to the risk of antitrust …

costs. I present a simple economic mechanism under which such disclosure often leads to more informative, but at the same … naive or delegating receivers; disclosure is thus not a Pareto-improvement among receivers. I identify general conditions of … the information structure under which this effect manifests and show that whenever it does, full disclosure is socially …

This paper studies the incentives for interim voluntary disclosure of verifiable information in probabilistic all … favorite will try to discourage the underdog - so that the contest unravels. Self-disclosure is optimal even though a weak …

costs. I present a simple economic mechanism under which such disclosure often leads to more informative and, at the same … or delegating receivers. Disclosure is thus not a Pareto-improvement among receivers. I identify general conditions of … the information structure under which this effect manifests and show that whenever it does, full disclosure is socially …