In many scenarios, investors in financial markets are uncertain about the relationship between two firms and have to rely on firms' disclosure of such relationship. We develop a theory to study the asset pricing implications of this relationship uncertainty and how such relationship uncertainty...

I study voluntary disclosure of oligopoly firms when they learn information from asset prices. By disclosing information, a firm incurs a cost of losing competitive advantage to its rivals but benefits from learning from a more informative asset market. Adding a financial market helps the...