In this paper, managers differ from each other in terms of the probability that they are "forthcoming" (and disclose all the earnings forecasts they receive) or "strategic" (and disclose the earnings forecasts they receive only when it is in their self-interest to do so). Strategic managers...

This paper develops a model of financing that jointly determines a firm's capital structure, its voluntary disclosure policy, and its cost of capital. Investors who receive securities in return for supplying capital sometimes incur losses when they trade their securities with an informed trader....