This survey provides an overview of theoretical and empirical research on information flows in corporations. It highlights key frictions preventing effective information flows and discusses how organizational structure and corporate governance can alleviate these frictions, focusing on three...

In most countries, large corporations are controlled by a few very wealthy individuals or families. However, whether a large concentration of control over major assets leads to poor financial development remains an open question. In this article, we present a political economy model of financial...

We provide a real-options model of an industry in which agents time abandonment of their projects in an effort to protect their reputations. Agents delay abandonment attempting to signal their quality. When a public common shock forces abandonment of a small fraction of projects irrespective of...