On 28th November OxTalks will move to the new Halo platform and will become 'Oxford Events' (full details are available on the Staff Gateway).
There will be an OxTalks freeze beginning on Friday 14th November. This means you will need to publish any of your known events to OxTalks by then as there will be no facility to publish or edit events in that fortnight. During the freeze, all events will be migrated to the new Oxford Events site. It will still be possible to view events on OxTalks during this time.
If you have any questions, 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.
