The Real Costs of Disclosure
---- 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.