The accuracy of firm information disclosures and the efficiency of long-term investment both play crucial roles in the … managers confront realistic incentives to misreport financial statements and distort their real investment choices. Managers in … this misreporting through disclosure regulation is possible, it incentivizes managers to distort real investment, which …

This paper studies how information disclosure affects investment efficiency and investor welfare in a dynamic setting … accounting disclosures on investment efficiency and investor welfare crucially depend on whether such disclosures convey …). Specifically, investment efficiency and investor welfare unambiguously increase in the precision of disclosures that convey …

Vickrey's fundamental contributions to the economic theory of incentives, which he applied to the areas of taxation, auction … theory, and pricing. His work focused on the economics of asymmetric and private information. Critics of Vickrey's full …

We study how adverse selection distorts equilibrium investment allocations in a Walrasian credit market with two …-sided heterogeneity. Representative investor and partial equilibrium economies are special cases where investment allocations are … trade and investment allocations below perfect information levels. The degree of heterogeneity between informed agents' type …