unsophisticated users remains an empirical question. This study examines whether public disclosure of tax return information affects … information asymmetry among more- and less- sophisticated investors. I investigate the unique setting of mandatory disclosure of … group, I find evidence that information asymmetry decreased after the mandatory disclosure. The effect is more pronounced …

This paper studies the incentives for interim voluntary disclosure of verifiable information in probabilistic all … favorite will try to discourage the underdog - so that the contest unravels. Self-disclosure is optimal even though a weak …

their costs are below the expected mean cost. Disclosure reduces consumer surplus when the disclosing firm's costs are below … the expected mean cost. The effect of disclosure on social welfare depends on the parameters of the problem. Finally, I … analyze the incentive of firms to agree to exchange information when disclosure exposes a firm to the risk of antitrust …

Information disclosure is an essential component of regulation in financial markets. In this article, we provide a … cohesive analytical framework to review a few key channels through which disclosure in financial markets affects market quality … aspects. First, we demonstrate the conventional wisdom that disclosure improves market quality in an economy with exogenous …