This paper considers the role of analyst following in coordinating mutually beneficial disclosure
among competing firms. Though firms may benefit from industry-wide transparency, the urge to
keep a competitive edge by withholding disclosures can be compelling. In such a case, the desire to
attract analyst following can make a policy of joint disclosure viable. Knowing that keeping silent
can deter analysts, no firm has incentives to unilaterally withhold disclosures. Further, coordinated
disclosures can benefit firms and consumers alike by yielding circumstance-specific product offerings.