This paper examines how a firm adjusts its disclosure quality in response to technological innovations that improve investors' private information. We show that more precise private information can endogenously amplify supply shocks and, hence, increase noise-driven (or non-fundamental) price...

This study examines how private communication among competitors shapes their public disclosures. Theories at the intersection of accounting and industrial organization suggest that competing firms can use public disclosure to coordinate, and predict a substitutive relation between private...

We hypothesize that the quality of market risk disclosure mandated by the U.S. Securities and Exchange Commission Financial Reporting Release No. 48 (FRR No. 48) provides useful information for assessing risk management effectiveness. Measuring risk disclosure quality as the degree of...

I provide a general framework of firms' financial communication process and investor response to information, moving from disclosure through dissemination to investor response and management response. I then discuss the entrance of social media into firm communications, highlighting both classic...

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...

In autonomous teams, formal responsibility for tasks and decisions is shared among different team members, creating uncertainty about how much influence each team member effectively has . We use a modified participative budgeting game to ex-amine how team members of autonomous teams deal with...