When starting their campaigns, activist investors face the decision of when to begin communication with the management … of the target firm. We document how the choice to start communication early with management, before the 13D disclosure … also related to this initial communication decision. Together, our findings suggest that open activism is an important part …

stock returns. However, this effect is lower when there is more intense past informal communication with the same …

' boards, Ownership structure and audit quality) and financial communication transparency. For this purpose, a model is used … governance mechanisms are positively related to a higher transparency level noticeable in financial communication (voluntary … disclosure and quality information). In addition, empirical tests indicate that financial communication transparency is highly …