Le strategie di disclosure volontaria del modello di business delle blue chip italiane e il loro impatto sul rischio informativo

How do the Italian blue chips actually deal with disclosure about their business model? Does their disclosure strategies affect the cost of capital through a reduction in information risk premia? Performing a cluster analysis on the contents reported in annual reports, investor relations and press releases, the study rstly identies four different disclosure strategies. Subsequently it uses an original model to extract the information risk premia from time series of stock prices and trading volumes time. The level of information risk premia is split between market-related and rm-specic drivers in order to compute their correlation with trading volume and the different disclosure strategies identied. Overlaps from results in cluster analysis and information risk premia determinants let us conclude that broad and exhaustive nancial communication allows reduction of the cost of capital.