Purpose – The specific purpose of this study is to understand how firm size and public/private affiliation (employment status) affect voluntary disclosure decisions concerning quantitatively immaterial nonfinancial information. Although the prior disclosure literature is large and has...

We examine a sample of 294 mutual funds that are advertised in "Barron's" or "Money" magazine. The preadvertisement performance of these funds is significantly higher than that of the benchmarks. We test whether the sponsors select funds to signal continued superior performance or they use the...