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AbstractThis paper reviews managers' decisions to voluntarily disclose information. The unraveling result is described, which suggests that managers would disclose all information under certain conditions. In particular, the paper focuses on managers' choice of non-verifiable voluntary disclosure in the light of cheap-talk models. Newman and Sansing (1993), Gigler (1994) and Stocken (2000), among others, have attempted to apply Crawford and Sobel's (1982) concept ofcheap-talk models indoi:10.6084/m9.figshare.5459131 fatcat:yuc7r3beszeb7alkohhnjfhlhm