The disclosure policy of the firm defines the relationship between the actual outcome and the reported outcome. This paper offers a taxonomy of disclosur policies by analyzing the Nash equilibrium contract of the owner and the manager. The variety among firms is explained by different combinations (of preferences) of owner-manager pairings. When the owner's aversion to risk changes more slowly (quickly) than the manager's, the firm is a smoother (a maximizer). The firm tells the truth only the owner's and the manager's preferences behave the same.