OxTalks will soon move to the new Halo platform and will become 'Oxford Events.' There will be a need for an OxTalks freeze. This was previously planned for Friday 14th November – a new date will be shared as soon as it is available (full details will be available on the Staff Gateway).
In the meantime, the OxTalks site will remain active and events will continue to be published.
If staff have any questions about the Oxford Events launch, please contact halo@digital.ox.ac.uk
We study the resolution of asymmetric information when privately informed agents strategically disclose inside information, while uninformed agents also observe exogenous outside information. We fully characterize the range of possible informational outcomes in equilibrium. A novel effect is that the classic ‘unraveling’ spiral can work in reverse, so that strategic complementarities work in favor of non-disclosure. We establish that better outside information can reduce overall market informativeness by crowding out inside information. In an application to optimal financial stress tests, we show that our results facilitate a tractable analysis of information design. Finally, we derive empirical predictions for corporate disclosures.
