This study investigates the relationship between public and private information using experimental markets. The level of public disclosure is varied to examine the effect on private information consumption and the informedness of price. The experimental setting consists of a double auction...

We use computer-intensive techniques to study the informational properties of forward-looking disclosures in the MD&A sections of 10-K filings made with the SEC. We find that firms make more forward-looking MD&A disclosures when their stock prices have lower informational efficiency, i.e., when...