We study firms' voluntary disclosures in a world of potential information leaks. We find that managers adapt their … merely expose the manager's information endowment and impedes disclosure if leaks in addition uncover the content of the … manager's information. We identify a non-monotonic effect on voluntary disclosure if the scope of information leakage is …

's disclosure policy and information environment. Having less information spillover from other public firms may present an … information deficiency if it is not compensated by other components of the information environment. Consistent with firms … attempting to mitigate the information deficiency through strengthening their tacit commitment to continued disclosure, I find …

We show that private firms that go public in the U.S. create positive information externalities for their already …-listed peers: their IPO filings improve their peers’ trading liquidity directly, by reducing information asymmetry, and indirectly …, by crowding in both voluntary disclosure and analyst information production at peer firms. Positive information …

This study analyzes corporate voluntary disclosures to the capital market in the presence of competing information … sources, from which traders can subsequently obtain additional public and private information. The analysis demonstrates that … the anticipated access of traders to additional information sources may significantly alter the voluntary disclosure …

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 …

subject to a private information problem. The asset plays the role of a medium of exchange, but this role can be affected by … information, a set of experiments with adverse selection where the terminal value of notes are determined exogenously, and a set …

A rational-expectations equilibrium with positive demand for financial information does exist under fully revealing … average portfolio demand information in equilibrium if they can adjust portfolio size. More information diminishes the … endowments strongly differ from the average portfolio are worse off. Under fully revealing price, information market equilibria …

We analyze a model in which the value of a security is comprised of multiple distinct parts and private information … about these pieces is scattered among investors. We show that as information is scattered into smaller, distinctively … informative pieces, endogenous information acquisition activity can increase, even if the acquisition cost does not decrease. Our …

the change in information uncertainty is negatively related to acquirer long-term stock performance, after controlling for … investigate whether the change in the acquirer's information uncertainty contributes to acquirer wealth losses. Information … acquisitions lead to increases in information uncertainty, as proxied by analysts' earnings forecast dispersion. We also find that …

We examine the information benefits of R&D capitalization in the UK after the adoption of IFRS (which mandates … capitalization of development costs). Using the successful efforts model of Healy et al (2002), we examine whether information … market could deduce the unrecognized capitalization information under expensing, by examining the market's pricing of pro …