This paper studies when a firm will acquire additional information about a potential new project by consulting outsiders, when doing so runs the risk of reducing the value of implementing the project as a consequence of information leakage. The analysis evaluates the firm's information...

In an agency setting where the agent must be compensated both to exert effort to produce a new project and to announce honestly when the new project has been produced, we show that Holmstrom's (1979) well-known "informativeness criterion" does not, by itself, determine whether a variable is...

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...