This paper explores corporate disclosure in a dynamic oligopoly setting. In each period, a firm receives a signal on market size and must decide whether or not to publicly disclose the information before engaging in price competition in the product market. The main insight here is that firms'...

Trading in a secondary stock market not only redistributes wealth among investors but also generates information that guides subsequent investment. We provide a positive theory of disclosure that reflects both functions of a secondary market. By making private information public, disclosure...

We develop a unified treatment of a broad class of truthful disclosure games. Such games have, at most, one equilibrium that is reasonable given a commonly used signaling refinement. We provide a simple algorithm to construct the unique equilibrium strategy and beliefs, and identify necessary...