We study a disclosure decision for a firm's manager with many sources of private information. The presence of multiple numerical signals provides the manager with an opportunity to hide information via aggregation, presenting net amounts in order to show information in its best light. We show...

We study the design of public information structures that maximize the probability of selecting a Pareto dominant equilibrium in symmetric (2 x 2) coordination games. Because the need to coordinate exposes players to strategic risk, we treat the designer as able to implement an equilibrium only...

This article finds that the use of a harmonized accounting standard, such as the International Financial Reporting Standards, increases the information available to markets only if institutional differences across countries using the harmonized standard are insignificant. In all other cases,...