I use a quasi-exogeneous shock to information asymmetry to evaluate the effect of information asymmetry on corporate disclosure. In the post-Regulation FD period, the merger between a shareholder and a lender of the same firm provides a quasi-exogeneous shock to the information asymmetry among equity investors, because Regulation FD applies to shareholders but not lenders. After the merger, I find firms issue more quarterly forecasts and the quarterly earnings forecasts are more accurate.