We investigate the real effects of information transparency in crowdfunding markets. Our analysis identifies that crowdfunding provides a benefit for an entrepreneur to learn consumers' preferences before deciding whether to implement an innovative project. However, the crowdfunding market also...

We develop a framework to study the real effects of climate-related disclosures. In our model, firms' domestic productions generate direct carbon emissions while outsourcing production to foreign suppliers generates indirect carbon emissions. We show that while mandating climate-related direct...

This paper studies how the firm designs its internal information system when facing an adverse selection problem arising from unobservable managerial abilities. While more precise information allows the firm to make ex-post more efficient investment decisions, noisier information has an ex-ante...