We study a dynamic voluntary disclosure setting where the manager's information and the firm's value evolve over time. The manager is not limited in her disclosure opportunities but disclosure is costly. The results show that the manager discloses even if this leads to a price decrease in the...

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...