Not Only What but Also When: A Theory of Dynamic Voluntary Disclosure
研究了企业经理随时间学习多个私有信号并自愿披露的动态模型，发现后期披露会被市场更有利地解读，即使信号获取时间与公司价值无关。
We examine a dynamic model of voluntary disclosure of multiple pieces of private information. In our model, a manager of a firm who may learn multiple signals over time interacts with a competitive capital market and maximizes payoffs that increase in both period prices. We show (perhaps surprisingly) that in equilibrium later disclosures are interpreted more favorably even though the time the manager obtains the signals is independent of the value of the firm. We also provide sufficient conditions for the equilibrium to be in threshold strategies.