This study recovers a simple firm-level measure of disclosure costs implied by the voluntary disclosure theory of Verrecchia (1990). The measure does not require a-priori knowledge by the researcher of the distribution of private information and can be implemented with three simple observable...

This paper explores corporate disclosure in a dynamic oligopoly setting. In each period, a firm receives a signal on market size and must decide whether or not to publicly disclose the information before engaging in price competition in the product market. The main insight here is that firms'...