are explicitly penalized. We find that if most of the additional information is revealed regardless of the high … returns. This is no longer possible if most of the additional information is only revealed through trades …

Large investors often advertise private information at private talks or in the media. To analyse the incentives for … information disclosure, I develop a two-period Kyle (1985) type model in which an informed short-horizon investor strategically … discloses private information to enhance price efficiency. I show that information disclosure is optimal when the scope of …