out actual competitive activities. This paper investigates players' incentives to conduct such pre-contest communication …

-talk communication raises efficiency in bilateral contracting situations with adverse selection. We replicate their finding and check its … robustness by introducing competition between agents. We find that communication and competition act as "substitutes …:" communication raises efficiency in the absence of competition but lowers efficiency with competition, and competition raises …

This study examines how private communication among competitors shapes their public disclosures. Theories at the … predict a substitutive relation between private communication and public disclosure: private communication reduces the need to … coordinate via public disclosure. Using data on the extent of private communication among competing firms in strategic alliances …