their costs are below the expected mean cost. Disclosure reduces consumer surplus when the disclosing firm's costs are below … the expected mean cost. The effect of disclosure on social welfare depends on the parameters of the problem. Finally, I … analyze the incentive of firms to agree to exchange information when disclosure exposes a firm to the risk of antitrust …

Information disclosure is an essential component of regulation in financial markets. In this article, we provide a … cohesive analytical framework to review a few key channels through which disclosure in financial markets affects market quality … aspects. First, we demonstrate the conventional wisdom that disclosure improves market quality in an economy with exogenous …