I derive a firm's optimal public disclosure policy aimed at minimizing its cost of raising capital from the equity market. Following the public disclosure, the institutional investors offer incentive contracts to their buy-side analysts to acquire independent private information. Due to the...

We analyze information disclosure as a policy instrument for contagion management indecentralized environments. A benevolent planner (e.g., the government) tests a fraction ofthe population to learn the infection rate. Individuals meet randomly and exert vigilanceeffort. Efforts factor in a...

A matching platform elicits information about two customers' (quality) types and decides how to disclose that information. The platform intends to persuade the customers to form a match, knowing that adverse selection may occur (and undermine matchmaking) when the customers are uncertain about...

The U.S. financial markets faced an unprecedented rapid decline and recovery on May 6, 2010, known as the May 6 flash crash. Roughly one trillion $ market value in less than thirty minutes vanished with the biggest one-day point decline in the history of the DJIA at the time.Since the market...

This paper studies the effect of disclosing conflicts of interests on strategic communication when the sender has lying costs. I present a simple economic channel under which such disclosure often leads to more biased messages. This hurts receivers who are naive or delegate their choice while...

We study the strategic disclosure of demand information and product-market strategies of duopolists. In a setting where both firms receive information with some probability, we show that firms selectively disclose information in equilibrium in order to influence their competitorś product-market...

Disclosure of private medical information allows insurance companies to better predict medical expenditures. The premiums the companies charge the insured employees reflect these expenditures. This paper studies incentives of employees to disclose their medical information. I find that healthier...

Should principals explain and justify their evaluations? Suppose the principal's evaluation is private information, but she can provide justification by sending a costly cheap-talk message. If she does not provide justification, her message space is restricted, but the message is costless. I...

This paper studies dynamic disclosure when the firm value evolves stochastically over time. The presence of litigation risk, arising from the failure to disclose unfavorable information, not only prompts bad news disclosures but also crowds out good news disclosures. The manager's disclosure...