“…Papers in dynamic disclosure include Acharya, DeMarzo, and Kremer [2011], Guttman [2010], Guttman, Kremer, and Skrzypacz [2014], Orlov, Skrzypacz, and Zryumov [2016], and Gratton, Holden, and Kolotilin [2018]. All of them focus on the sender's (or senders') choice of timing of disclosure, while our main interest remains in the informational content of the message.…”