  Following the approach of standard filtering theory, we analyse
investor-valuation of firms, when these are modelled as geometric-Brownian
state processes that are privately and partially observed, at random (Poisson)
times, by agents. Tasked with disclosing forecast values, agents are able
purposefully to withhold their observations; explicit filtering formulas are
derived for downgrading the valuations in the absence of disclosures. The
analysis is conducted for both a solitary firm and m co-dependent firms.
