Competing with Equivocal Information∗

I study strategic disclosure between multiple senders and a single receiver. The senders are competing for prizes awarded by the receiver. They decide whether to disclose a piece of information that is both verifiable and equivocal: it can influence the receiver both ways. The standard unraveling argument fails as a single sender doesn’t disclose if the commonly known probability that her information is favorable is sufficiently high. Competition restores full disclosure only if some of the senders are sufficiently unlikely to have favorable information. With asymmetric information between candidates, however, all symmetric equilibria approach full disclosure as competition increases. JEL: C72, D82, D83.