This dissertation is a discussion of information production and disclosure as separate activities in the setting of entrepreneur-insiders of a firm trading shares of the firm with outside investors. One major task of the analysis is to establish the two informational activities as independent determining factors in the equilibrium framework of noisy rational expectations. In solving for the equilibrium, a particular question addressed is whether the produced information is fully revealed or partially revealed in the equilibrium. The model is then used to illustrate the separate effects of information production and disclosure. The significance of this analysis shows in the differences of the results here from previous ones obtained using a simplified treatment of information production and disclosure. Among these are some reasons provided here that support the practice of mandatory disclosure
