... University, Fullerton for their financial support. Editor's note: Accepted by Thomas Hemmer, under the Senior Editorship of Mary E. Barth. 3 2017 10 2019 2020 litigation voluntary disclosure cheap talk information content Voluntary disclosures may not credibly convey...

... unmeasurable aspects of the games when subsequently making bets on their own behalf. November 2015 September 2018 2019 operational distortion surrogation narrative reporting preference for consistency cheap talk real earnings management Managers are all too familiar...

... the information as if it were hard. This prediction adds to cheap talk models where unfavorable reports are more informative, but never fully credible ( Crawford and Sobel 1982 ; Morgan and Stocken 2003 ). The model is consistent with the empirical observation that unfavorable reports tend to be more credible...