An entrepreneur contracts with a consultant, who is protected by limited liability, to supply information about the … probability than a bad one. The entrepreneur makes an upfront payment that the consultant can either invest in information … entrepreneurs so long as his informal referrals remain high. The principal finds it optimal to under-utilize information if she uses …

because of the potential use of the information by tax authorities. We compare firms' predictions of expected UTB changes to … provided. This evidence is consistent with firms being reluctant to disclose expected reserve releases related to audit …

I study reputation models in which information about the long-run player's past behavior is dispersed among short …-run players. I identify two challenges to reputation building when such information is aggregated via the short-run players …' actions. First, when the long-run player's action can only affect short-run players' future behaviors, the informativeness of …