investment efficiency, and whether spillover effects vary with competition. We focus on the tone of MD&A disclosures and document …We explore whether disclosures in the Management Discussion & Analysis (MD&A) have spillover effects for investment and … substitutable products. We obtain similar results for investment efficiency. Overall, our evidence suggests that MD&A disclosures have …

practices. Yet, the ways in which competition and disclosure interact are sensitive to various factors, including both the … stand to significantly influence both the preference for and timing of disclosures. Interestingly, while investment … theme to encompass our theoretical understanding of the interplay between competition and disclosure …

Corporate investment decisions require managers to forecast expected future cash flows from potential investments … infer the quality of their corporate investment decisions. Relying on the intuition that managers draw on similar skills … when generating external earnings forecasts and internal payoff forecasts for their investment decisions, we predict that …

Theory suggests a commitment to voluntary disclosure may improve firm investment over time. Our findings support this … argument. We document that voluntary disclosure commitment is associated with the more profitable exercise of firm investment … opportunities. Additionally, prior research hypothesizes that voluntary disclosure can reduce both under- and over-investment. We …

This study examines the impact of non-financial disclosure (NFD) on firms' labor investment efficiency. We analyze a … evidence reveals that this association is, in general, negative, with NFD exerting a positive influence on labor investment …

capital allocation on firms' disclosure incentives and how these incentives affect internal capital allocation and investment … information than a group of stand-alone firms. Under these conditions, I show that the investment efficiency of the multi … capital allocation are substitutes in improving investment efficiency. This provides one explanation for why a multi …

We examine whether and how product market competition with existing competitors affects the content of a firm … shocks to product market competition, we find that firms differentiate disclosure topics from peers after increases in … product market competition. The impact is more pronounced when the tariff rate reduction triggers a greater increase in …

This study examines the impact of green and digital investments on the investment inefficiency level of European firms …. We define investment inefficiency as the deviation from the optimal investment level, which depends on both the net … present value (NPV) of the projects and the marginal benefit and cost of investment. Leveraging matched data from the European …