the information would otherwise have become public. Consequently, disclosure shifts risk from later cohorts of investors … to allocate risk intertemporally. This paper shows that a policy of partial disclosure (and, hence, of intertemporal risk … disclosure by (distressed) banks. -- Financial reporting ; disclosure ; information policy ; asset pricing ; intertemporal risk …

costly than facing potential risk premiums demanded by investors leading to higher cost of capital. This result indicates …