We study firms' voluntary disclosures in a world of potential information leaks. We find that managers adapt their … merely expose the manager's information endowment and impedes disclosure if leaks in addition uncover the content of the … manager's information. We identify a non-monotonic effect on voluntary disclosure if the scope of information leakage is …

's disclosure policy and information environment. Having less information spillover from other public firms may present an … information deficiency if it is not compensated by other components of the information environment. Consistent with firms … attempting to mitigate the information deficiency through strengthening their tacit commitment to continued disclosure, I find …

subject to a private information problem. The asset plays the role of a medium of exchange, but this role can be affected by … information, a set of experiments with adverse selection where the terminal value of notes are determined exogenously, and a set …

We analyze a model in which the value of a security is comprised of multiple distinct parts and private information … about these pieces is scattered among investors. We show that as information is scattered into smaller, distinctively … informative pieces, endogenous information acquisition activity can increase, even if the acquisition cost does not decrease. Our …

We examine the information benefits of R&D capitalization in the UK after the adoption of IFRS (which mandates … capitalization of development costs). Using the successful efforts model of Healy et al (2002), we examine whether information … market could deduce the unrecognized capitalization information under expensing, by examining the market's pricing of pro …

We ask whether the quality of internal information matters for investment decisions. We predict that investment is more … information. Consistent with recent theoretical and empirical research, we proxy for internal information quality using observable … information properties. We find that the sensitivity of investment to profitability is increasing, while the sensitivity of …

This paper investigates whether the business press serves as an information intermediary. The press potentially shapes … firms' information environments by packaging and disseminating information, as well as by creating new information through … journalism activities. We find that greater press coverage reduces information asymmetry (i.e., lower spreads and greater depth …

levels of information asymmetry among investors. Using a panel of 386 firms in the U.S. retail sector, I find that the … practice of regularly providing monthly revenue disclosures is not associated with reduced information asymmetry. In contrast …, I find that more detailed (greater quantity) disclosure is associated with reduced information asymmetry. I provide …

insider share trades are explained by private information versus mispricing of public information. For a sample of insider … purchases reflect both private information and managers' responses to market mispricing of public information …