significant differences between the investors which are linked to banks and those financiers which are not. Although, the …

We analyze the incentives for information disclosure in financial markets. We show that borrowers may have incentives … to voluntarily withhold information and that doing so is most attractive for claims that are inherently hard to value … incentives for information disclosure and have ambiguous ex-ante effects. …

We analyse the incentives for information disclosure on financial markets. We show that borrowers may have incentives … to voluntarily obfuscate information and that doing so is most attractive for claims that are inherently hard to value … incentives for information disclosure and have ambiguous ex-ante effects …

information production role of banks. Because the amount of available information increases with development, our model predicts … introduced by the presence of moral hazard naturally depends on the information structure in the economy; it is cheaper to induce … correct incentives in a society which possesses better ex-post information. The degree of ex-post information depends on the …

information production role of banks. Because the amount of available information increases with development, our model predicts … introduced by the presence of moral hazard naturally depends on the information structure in the economy; it is cheaper to induce … correct incentives in a society which posesses better ex post information. The degree of ex post information depends on the …

This study examines analyst information intermediary roles using a textual analysis of analyst reports and corporate …. In addition, we find that investors place a greater value on new information in analyst reports when managers face … greater incentives to withhold value-relevant information. Analyst interpretation is particularly valuable when the processing …

The aim of this paper is to examine what has been the role of information provision to the market throughout the crisis …. We consider two main sources of information to the market, financial statements and information provided by credit rating … agencies. We examine how these sources of information work and the effectiveness of their disclosure process during the crisis …

information (data collection and processing) and communication (relationships and distribution). Both follow historic trends … towards an increased use of hard information and less inperson interaction, which are accelerating rapidly. We point to more … rely on access to balance sheets, while platforms can interject themselves between banks and customers. We discuss …