This paper presents a model of voluntary disclosure in which the manager's information about the firm's value is granular, i.e., consists of a large random number of imprecise signals. Using an argument in the spirit of the Bernstein-von Mises theorem, we show that there exists a simple...

Recently, the SEC's Division of Corporation Finance (CorpFin) has added an additional guidance to its Financial Reporting Manual (FRM) with respect to the disclosure for goodwill. For firms at a risk of failing the step one of goodwill impairment test, this guidance recommends that firms...