' 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 …

such communication is that it takes on one of two alternative forms when quality is exogenous: 1) disclosure of quality … a coin and that firms should be viewed as choosing which means of communication they will employ. Moreover, we show that … type, and the social efficiency of the channel of communication employed …

We study how leaks affect a firm's communication decisions and real efficiency. A privately informed manager … strategically chooses both public disclosure and internal communication to employees. Public disclosure is noisy, but in the absence … of leaks, internal communication is perfectly informative because it maximizes employee coordination and efficiency. The …

private signals. We then apply our model to study investors' private word-of-mouth communication. Our analysis highlights a … "dark side" of word-of-mouth communication and a call for better public disclosure even if private communication is assumed …

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 …

This paper studies the effect of disclosing conflicts of interest on strategic communication when the sender has lying …