Private Communication among Competitors and Public Disclosure

56 Pages Posted: 12 Nov 2018 Last revised: 14 Jan 2021

See all articles by John D. Kepler

John D. Kepler

Stanford Graduate School of Business

Date Written: January 14, 2021

Abstract

I study how private communication among competitors affects their public disclosures. Theory suggests that competing firms can use public disclosure to coordinate, and predicts less public disclosure when there is more private communication. Using data on strategic alliances, I predict and find that firms that enter strategic alliances with competitors reduce their public disclosure, and that the reduction is more pronounced for alliances that allow for more private communication.

Keywords: private communication, public disclosure, strategic alliances, coordination role of disclosure

JEL Classification: D83, G14, L14, M41

Suggested Citation

Kepler, John, Private Communication among Competitors and Public Disclosure (January 14, 2021). Journal of Accounting & Economics (JAE), Forthcoming, Available at SSRN: https://ssrn.com/abstract=3269911 or http://dx.doi.org/10.2139/ssrn.3269911

John Kepler (Contact Author)

Stanford Graduate School of Business ( email )

655 Knight Way
Stanford, CA 94305-5015
United States

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