NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Real Costs of Disclosure

Alex Edmans, Mirko Heinle, Chong Huang

NBER Working Paper No. 19420
Issued in September 2013

---- Acknowledgements -----

We thank Vincent Glode, Itay Goldstein, David Hirshleifer, and seminar participants at London Business School, Philadelphia Fed, UC Irvine, and Wharton for valuable comments. AE thanks the Wharton Dean's Research Fund for financial support. CH thanks the CORCL Awards for financial support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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