A principal acquires information about a shock and then discloses it to an agent. After the disclosure, the principal … principal maximizes his expected payoff by controlling the quality of his information, and the disclosure rule. We show that …

by selective disclosure of facts. As is well known from the literature, competition between the informed parties …

disclosure or introducing a derivatives market may backfire, aggravating fragility (in particular when the asset side of a …

Disclosure of information triggers immediate price movements, but it mitigates price movements at a later date, when … the information would otherwise have become public. Consequently, disclosure shifts risk from later cohorts of investors … to earlier cohorts. Hence, disclosure policy can be interpreted as a tool to control interim asset price movements, and …