Intermediated voluntary disclosure is a rapidly diffusing practice that addresses broad stakeholder demand for credible information transparency on corporate policies and performance along dimensions of societal interest. Building upon substantial literatures on proprietary disclosure, research...

Private firms with relatively high costs of disclosure may benefit from a close relationship with a bank. Relationship lending is based on intertemporal contracting and requires the bank to acquire private information about the firm and, moreover, to keep this information private. For both...