We consider a cheap talk setting with two senders and a continuum of receivers with heterogenous preferences. Receivers listen to just one sender, but can choose which sender to listen to. We determine that: (i) full communication is possible for a large set of sender preferences; (ii) both...

While researchers and practitioners alike estimate firms' exposures to systematic risk factors, the disclosure literature typically assumes that exposures are common knowledge. We develop a model where the firm's exposure to a factor is unknown, and analyze the effect of factor-exposure...