discourage discretionary disclosure. On the other hand, by opening up foreign markets and enhancing firms’ growth opportunities …

This paper models the effect of disclosure on real investment. We show that, even if the act of disclosure is costless …, a high-disclosure policy can be costly. Some information ("soft") cannot be disclosed. Increased disclosure of "hard … soft information, increased disclosure induces the manager to improve hard information at the expense of soft, e.g. by …

protects firms when in a weak competitive position, while equityholders prefer more disclosure to maximize profitability when …

action and transparency on consequence are then used to interpret existing disclosure policies in politics, corporate …

state of the economy (or the industry) affects this decision. We develop a dynamic model of strategic disclosure in which a …

We consider the strategic timing of information releases in a dynamic disclosure model. Because investors don’t know …