We study a model in which managers' disclosure and investment decisions are both endogenous and managers can manipulate their voluntary reports through (suboptimal) investment, financing or operating decisions. Managers are privately informed about the value of their firm and have incentives to...

We examine a dynamic model of voluntary disclosure of multiple pieces of private information. In our model, a manager of a firm who may learn multiple signals over time interacts with a competitive capital market and maximizes payoffs that increase in both period prices. We show (perhaps...

We analyze a model in which information may be voluntarily disclosed by a firm and/or by a third party, e.g., financial analysts. Due to its strategic nature, corporate voluntary disclosure is qualitatively different from third-party disclosure. Greater analyst coverage crowds out (crowds in)...

Firms' ability to voluntarily disclose or conceal information may affect their investment decisions. In particular, voluntary disclosure in the presence of uncertainty about information endowment (a la Dye 1985) induces firms to choose the riskier among projects with equal expected returns...

Empirical evidence suggests that firms often manipulate reported numbers to avoid debtcovenant violations. We study how a firm's ability to manipulate reports affects the terms ofits debt contracts and the resulting investment and manipulation decisions that the firm implements.Our model...