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 the availability of traded credit default swaps (CDSs) affects the referenced firms' voluntary disclosure choices. CDSs enable lenders to hedge their credit risk exposure, weakening their incentives to monitor borrowers. We predict that reduced lender monitoring in turn leads...

Firms constantly face new and more stringent tax disclosure requirements and, increasingly, paying a fair share of tax is seen as part of corporate social responsibility. In this paper, we investigate whether mandating qualitative tax disclosure leads to intended outcomes, using, as an exogenous...

Firms can disclose social information via different channels such as SEC filings, stand-alone sustainability reports, or financial reports. Based on the notion that investors interpret such disclosures from a risk perspective, we analyse how disclosure via each of the three channels relates to...

Firms constantly face new and more stringent tax disclosure requirements and, increasingly, paying a fair share of tax is seen as part of corporate social responsibility. In this paper, we investigate whether mandating qualitative tax disclosure leads to intended outcomes, using, as an exogenous...

We investigate the effects of a qualitative tax disclosure mandate aimed at improving tax transparency and compliance by imposing reputational costs for firms. We use, as an exogenous shock, the 2016 UK reform that required large businesses to disclose their tax strategy. We find that treated...

This paper studies the effect of disclosing conflicts of interests on strategic communication when the sender has lying costs. I present a simple economic channel under which such disclosure often leads to more biased messages. This hurts receivers who are naive or delegate their choice while...

Die zunehmende internationale Verflechtung und Globalisierung der Märkte verschärfen den Wettbewerb und stellen die Unternehmen vor neue Herausforderungen. Da wirtschaftliche und gesellschaftliche Änderungen in immer schnelleren Zyklen stattfinden, ist die Wandlungsfähigkeit von Unternehmen...

The paper shows the ways of disclosing financial risks by IFRS 7 and certain types of sensitivity analysis. The different possibilities of preparing a sensitivity analysis, such as value at risk are illustrated and their suitability for reporting are faced critically. Following, the manner of...