which in turn improves the efficiency of firms' investment decisions. We also identify conditions under which the … planner whose objective is to maximize investment efficiency. Our analysis provides an alternative economic explanation for …

efficiency. SFAS 131 requires firms to define segments as internally viewed by managers, thereby improving the transparency of … changing segment definitions upon adoption of SFAS 131 experienced an improvement in capital allocation efficiency in internal … capital markets after the adoption of SFAS 131. In addition, I find that the improvement in internal capital market efficiency …

efficiency. SFAS 131 requires firms to define segments as internally viewed by managers, thereby improving the transparency of … changing segment definitions upon adoption of SFAS 131 experienced an improvement in capital allocation efficiency in internal … capital markets after the adoption of SFAS 131. In addition, I find that the improvement in internal capital market efficiency …

An important role of corporate disclosure is to improve the efficiency of capital allocation, and a key part of this … efficiency. I identify conditions under which the multi-project firm that can perform internal capital allocation withholds more … information than a group of stand-alone firms. Under these conditions, I show that the investment efficiency of the multi …

efficiency after regulation. Consistent with learning, the lower sensitivity is concentrated in firms with more informed trading …

This paper investigates the efficiency consequences of firm disclosure. Using accounting and financial data in the … reduces the amount of information learned by firms from market prices, which in turn harms investment efficiency. Our results … indicate that disclosure can negatively affect market efficiency and real investment performance in markets where noise trading …