Purpose – The purpose of this paper is to study the relationship between institutional holdings and analyst coverage in the context of the heterogeneous nature of institutional investors. Design/methodology/approach – Similar to prior studies (e.g. Ke and Ramalingegowda; Ramalingegowda and...

We examine the impact of brand capital on corporate investment efficiency. We argue that brand capital can improve investment efficiency by not bypassing positive NPV projects, making the projects with higher probability to have positive NPV, and restraining managers’ opportunities to...

Prior studies provide conflicting evidence as to whether managers have a general tendency to disclose or withhold bad news. A key challenge for this literature is that researchers cannot observe the negative private information that managers possess. We tackle this challenge by constructing a...