Coordinated Inattention and Disclosure Complexity

H. Qu, J. Williams, and R. Zhao are equal, co-first authors. The authors appreciate the valuable comments of the associate editor, two anonymous referees, Lucy Ackert, Qi Chen, Matthew DeAngelis, Frank Heinemann, Dana Hermanson, Steven Huddart, Michael Majerczyk, Brian Mittendorf, Velina Popova, Douglas Stevens, Kristy Towry, Greg Waymire, seminar participants at the Accounting and Economics Society, Symposium of Neuroaccounting and Neuromanagement at Beijing Normal University, the Eighth Workshop on Theoretical and Experimental Macroeconomics at Stony Brook Center for Game Theory, Peking University, and Renmin University of China, Virginia Commonwealth University, and brownbag discussion participants at Chapman University, Emory University, and Georgia State University. The authors thank the Laboratory for Economics Management and Auctions at Penn State University for allowing them to use its facilities. The authors also thank Adam Moinie for developing the JAVA program to run the experiments and Laila Zheng for her assistance running the experiment. All errors are the authors’ own.