A Theory of Income Smoothing When Insiders Know More Than Outsiders
---- Acknowledgements ----
We are grateful to Phil Brown, Peter Easton, Stew Myers, John O'Hanlon, Ken Peasnell, Joshua Ronen, Stephen Ryan, Lakshmanan Shivakumar and Steve Young for insightful discussions. Comments can be sent to Viral Acharya (firstname.lastname@example.org) or Bart Lambrecht (email@example.com). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.