This paper deals with the impact of voluntary strategy disclosure in management reports on the cost of equity capital …. Such an impact is not obvious, as investors might consider strategy information as “cheap talk” and therefore ignore it. We … analyze a sample of 100 German listed firms from 2002 to 2008, measuring strategy disclosure levels using hand …

We analyze the optimal strategy of a high-quality incumbent that faces a low-quality ad-sponsored competitor. In … endogenous vertical differentiation concerns. We discuss how our study helps improve our understanding of notions of strategy …, business model, and tactics in the field of strategy. …