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 …

valuation implications of reported earnings. Defining information uncertainty as ambiguity about firm value arising from low … greater information uncertainty (lower quality accruals). After controlling for future earnings changes, I further find that … increasing in the magnitude of insider purchases as well as the level of information uncertainty. Overall, these findings suggest …

levels of information asymmetry among investors. Using a panel of 386 firms in the U.S. retail sector, I find that the … practice of regularly providing monthly revenue disclosures is not associated with reduced information asymmetry. In contrast …, I find that more detailed (greater quantity) disclosure is associated with reduced information asymmetry. I provide …

I analyze a manager's decision to disclose private information when the stock market is a source of information for … corporate investment-making. A manager with long-term incentives discloses her private information only if it crowds-in informed … crowding-out effects: First, it crowds-out informed trading in situations where the manager withholds her private information …

In an economy where traders absorb information partially, we study the effect of disclosure accuracy and disclosure … than it increases the information asymmetry between informed traders and market makers. Increasing accuracy has the …

In an economy where traders absorb information partially, we study the effect of disclosure accuracy and disclosure …