I study the impact of informed trading on voluntary corporate disclosure in the presence of two factors: the cost of disclosure and the value of a manager's informed‐ness. In the absence of both factors, informed trading has no impact on disclosure even when traders are not certain whether the...

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 trading and increases the manager's ability to...

This paper studies how mandatory transparency (through TRACE), along with long term incentive of informed dealers, affect market price informativeness, liquidity and welfare in dynamic over-the-counter (OTC) markets. We show public disclosure of additional information about past trades,...