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) industries of the firm. About 40% of firm-years in our sample have at least one DRI. We propose and test information, market … structure, and agency hypotheses about when DRIs are likely to add value. Consistent with the information hypothesis, DRIs are … present when the information gap is more severe, such as in innovative firms/industries and in firms with less informative …
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) industries of the firm. About 40% of firm-years in our sample have at least one DRI. We propose and test information, market … structure, and agency hypotheses about when DRIs are likely to add value. Consistent with the information hypothesis, DRIs are … present when the information gap is more severe, such as in innovative firms/industries and in firms with less informative …
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