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.

中文翻译：

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竞争对手之间的私人交流和公开披露

我研究竞争对手之间的私人交流如何影响他们的公开披露。理论表明，竞争性公司可以使用公开披露进行协调，并预测在有更多私人交流的情况下，公开披露会减少。通过使用战略联盟的数据，我预测并发现与竞争对手建立战略联盟的公司会减少其公开披露，对于允许更多私人交流的联盟，这种减少更为明显。