Canadian financial regulators have introduced a new disclosure document for mutual and segregated funds called “Fund Facts.” The document is intended to provide investors with information in a simple, accessible, and comparable format.However, the disclosure regime for Fund Facts is too...

In United States v. CIO (1948), the Supreme Court held that the statutory ban on direct union spending in federal elections could not be applied to electoral advocacy by leaders of an organization to the members of that organization. As a result, federal and state laws now generally exempt such...

Besides hostile intervention, activist shareholders aiming to make changes in target firmsalso use more friendly approaches such as communicating with the firm management. Managerscan strategically influence activist shareholders’ perception about the firm and therefore theirchoice of...

We investigate how improvements in organizations’ internal communication technology affect their voluntary disclosure, a form of external communication. By developing a model with a headquarters manager and several divisional managers, we formalize two competing economic forces—information...

Should principals explain and justify their evaluations? Suppose the principal's evaluation is private information, but she can provide justification by sending a costly cheap-talk message. If she does not provide justification, her message space is restricted, but the message is costless. I...