This paper presents a model of voluntary disclosure in which the manager's information about the firm's value is granular, i.e., consists of a large random number of imprecise signals. Using an argument in the spirit of the Bernstein-von Mises theorem, we show that there exists a simple...

Following the lead of the United Kingdom and Australia, Hong Kong recently proposed to tighten up the access of directors' residential addresses and identity card or passport numbers by the public during the reform of its Companies Ordinance exercise, but encountered strong opposition from the...

I examine EU regulations requiring timely public disclosures of large short positions. I find that these regulations, despite increasing costs to short selling, improve information efficiency during the earnings announcement period. Furthermore, disclosures mandated by these regulations contain...