We study how charities adjust spending when revenues change. Understanding the decision to spend or save revenues provides insights into management behavior and resource allocations. Our results indicate that, on average, the marginal change in overall spending is substantially less than the...

We posit that investors and social media users place more weight on cash flows than on earnings for innovative small cap firms and that, in turn, innovative small cap firms (i) manage cash flows more than earnings, and (ii) disclose more cash flow than earnings information on social media. Using...