In an economy where traders absorb information partially, we study the effect of disclosure accuracy and disclosure clarity on financial markets. Accuracy measures how precisely a disclosure identifies the firm's fundamentals, whereas clarity measures how well traders understand the disclosure....

In an economy where traders absorb information partially, we study the effect of disclosure accuracy and disclosure clarity on financial markets. Accuracy measures how precisely a disclosure identifies the firm's fundamentals, whereas clarity measures how well traders understand the disclosure....

This paper studies the effect of competition on analysts' forecast informativeness. I show that the impact of competition on forecast informativeness is ambiguous in general, and identify the necessary and sufficient conditions under which more intense competition can make forecasts less...