Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
Abstract We study a voluntary disclosure game in which a firm manager may learn private information about multiple aspects and can selectively disclose any subset of that information. A distinctive feature of our model is informational correlation: whether the manager is informed about one aspect is correlated with whether he is informed about the other aspect. We find that higher positive informational correlation makes partial disclosure less likely and reduces the firm’s perceived value under partial disclosure, whereas higher negative informational correlation leads to opposite effects. We also examine the implications of our results on stock prices.