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Strategic communication often relies on anchors observed by the sender but not by the receiver. An analyst may report against a proprietary valuation model, an auditor against an internal score, a manager against an accounting estimate, or…
Corporate carbon emissions data is disclosed by approximately 65% of large and mid-sized companies globally, despite being a key indicator of corporate climate performance. With investors increasingly looking to integrate climate risk into…
Why do firms produce scientific research and make it available to the public, including their rivals? Prior literature has emphasized the tension between imitation risks from disclosure and scientists' preferences for publication. This…
As the global economic environment becomes increasingly unstable, enhancing financial flexibility to cope with risks has become the consensus of many companies. At the same time, environmental, social, and governance (ESG) performance may…
We study a model of dynamic two-stage R&D competition where the competing firms are uncertain about the difficulty of the first stage. Staying in the competition is costly and a firm can also choose whether and when to quit. When a firm…
We study a crowdsourcing problem where the platform aims to incentivize distributed workers to provide high quality and truthful solutions without the ability to verify the solutions. While most prior work assumes that the platform and…
Transparency of information disclosure has always been considered an instrumental component of effective governance, accountability, and ethical behavior in any organization or system. However, a natural question follows: \emph{what is the…
It is important for policymakers to understand which financial policies are effective in increasing climate risk disclosure in corporate reporting. We use machine learning to automatically identify disclosures of five different types of…
In settings with incomplete information, players can find it difficult to coordinate to find states with good social welfare. For example, in financial settings, if a collection of financial firms have limited information about each other's…
Environmental, social, and governance (ESG) reports are globally recognized as a keystone in sustainable enterprise development. However, current literature has not concluded the development of topics and trends in ESG contexts in the…
How should a court resolve a shareholder-management dispute after an unexpected price drop, when it is suspected that at an earlier time management chose not to update (disclose to) the market about a material event that was privately…
The information released to investors in financial markets has various forms. We refer to range information as information about the upper and lower bound which the payoff of a risky asset may reach in the future. This study develops…
This paper studies the value of a firm's internal information when the firm faces an adverse selection problem arising from unobservable managerial abilities. While more precise information allows the firm to make ex post more efficient…
We study information disclosure policies for contests among groups. Each player endogenously decides whether or not to participate in competition as a member of their group. Within-group aggregation of effort is best-shot, i.e., each…
Armed with a decade of social media data, I explore the impact of investor emotions on earnings announcements. In particular, I test whether the emotional content of firm-specific messages posted on social media just prior to a firm's…
When users lack specific knowledge of various system parameters, their uncertainty may lead them to make undesirable deviations in their decision making. To alleviate this, an informed system operator may elect to signal information to…
Information sharing among organizations has been gaining attention as a method for improving cybersecurity. However, the associated disclosure costs act as deterrents for firms' voluntary cooperation. In this work, we take a game-theoretic…
In many decision-making scenarios, individuals strategically choose what information to disclose to optimize their own outcomes. It is unclear whether such strategic information disclosure can lead to good societal outcomes. To address this…
Limited transparency in targeted advertising on online content delivery platforms can breed mistrust for both viewers (of the content and ads) and advertisers. This user study (n=864) explores how explanations for targeted ads can bridge…
Our main contribution is that we are using AI to discern the key drivers of variation of ESG mentions in the corporate filings. With AI, we are able to separate "dimensions" along which the corporate management presents their ESG policies…