A firm's stock price may reveal information that the firm itself might not want to share. In particular, stock price may reveal information about future demand, which when learned by a rival undercuts the firm's competitive position. This paper establishes that when a firm discloses cost...

A manager’s short-term focus (myopia) is typically viewed as detrimental to the firm’s interests. In contrast, studying a voluntary disclosure model wherein both capital market and product market strategic considerations are in play, this paper shows that the manager’s myopic behavior can...