Firms' Stakeholders and the Costs of Transparency

Andres Almazan, Javier Suarez, Sheridan Titman

NBER Working Paper No. 13647
Issued in November 2007

---- Acknowledgments ----

We are grateful to comments from Aydogan Alti, Kent Daniel, Adolfo de Motta, Mark Flannery, Xavier Freixas, Ron Giammarino, Maria Gutierrez, Thomas Hellmann, David Hirshleifer, Giovanna Nicodano, Robert Prentice, Chris Parsons, Todd Pulvino, Scott Stern, Siew Hong Teoh, and seminar participants at University of Amsterdam, Arizona State University, ESCP-EAP, INSEAD, Instituto de Empresa, LSE, McGill University, NYU, Northwestern University, Ohio State University, Oxford, Pompeu Fabra, UCLA, University of Texas, Tulane University, the CEPR Workshop on European Corporate Governance and the New Economy, the WFA meetings, and the NBER Entrepreneurship: Strategy and Structure Conference. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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