Organic soymilk has been one of the fastest growing products in the organic food sector in recent years. Due to the shortage of domestically grown organic soybeans, outsourcing became a practice in the industry. It was estimated by some industry insiders that about 50% of organic soybeans...

We examine whether the information conveyed in a relatively new analyst research output — capital expenditure (capex) forecasts — affects corporate investment efficiency. We find that firms with analyst capex forecasts exhibit higher investment efficiency. This effect is stronger when the...

Prior research documents large, persistent productivity dispersion even within narrowly defined industries, suggesting the presence of frictions that impede the efficient allocation of resources. In this paper we consider the role of information frictions. We posit that high-quality financial...

We examine whether there is intra-industry information transfer with respect to the second moment of returns around earnings announcements. Using implied volatility from option prices to proxy for uncertainty about firm fundamentals, we find a significantly positive association between changes...

We examine whether the information conveyed in a relatively new analyst research output—capital expenditure (capex) forecasts—affects corporate investment efficiency. We find that firms with analyst capex forecasts exhibit higher investment efficiency. This effect is stronger when the...