The theory of voluntary disclosure of information posits that market forces lead senders to disclose information … that competition between senders positively affects disclosure of information and receivers' welfare. … adverse inferences about non-disclosed information. Previous research finds that receivers do not sufficiently infer non-disclosure …

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 manager has information. When disclosure is costly, informed trading …

disclosure of additional information about past trades, paradoxically, makes the markets more opaque, by reducing market price …