Information disclosure is an essential component of regulation in financial markets. In this article, we provide a cohesive analytical framework to review a few key channels through which disclosure in financial markets affects market quality, information production, efficiency of real...

We analyze a model where traders have different trading opportunities and learn information from prices. The difference in trading opportunities implies that different traders may have different trading motives when trading in the same market -- some trade for speculation and others for hedging...

Information disclosure is an essential component of regulation in financial markets. In this article, we provide a cohesive analytical framework to review certain key channels through which disclosure in financial markets affects market quality, information production, efficiency of real...

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...

We show that a linear pure strategy equilibrium may not exist in Madrigal's (1996, Journal of Finance) setup, contrary to the claim of the original paper. This is because Madrigal's characterization of a pure strategy equilibrium omits a second-order condition. If the non-fundamental...