investment efficiency, and whether spillover effects vary with competition. We focus on the tone of MD&A disclosures and document …We explore whether disclosures in the Management Discussion & Analysis (MD&A) have spillover effects for investment and … substitutable products. We obtain similar results for investment efficiency. Overall, our evidence suggests that MD&A disclosures have …

practices. Yet, the ways in which competition and disclosure interact are sensitive to various factors, including both the … stand to significantly influence both the preference for and timing of disclosures. Interestingly, while investment … theme to encompass our theoretical understanding of the interplay between competition and disclosure …

We ask whether the quality of internal information matters for investment decisions. We predict that investment is more … information properties. We find that the sensitivity of investment to profitability is increasing, while the sensitivity of … investment to market-to-book is decreasing in internal information quality. Our focus on internal information and decision making …

Corporate investment decisions require managers to forecast expected future cash flows from potential investments … infer the quality of their corporate investment decisions. Relying on the intuition that managers draw on similar skills … when generating external earnings forecasts and internal payoff forecasts for their investment decisions, we predict that …

This paper studies how information disclosure affects investment efficiency and investor welfare in a dynamic setting … accounting disclosures on investment efficiency and investor welfare crucially depend on whether such disclosures convey …). Specifically, investment efficiency and investor welfare unambiguously increase in the precision of disclosures that convey …

Theory suggests a commitment to voluntary disclosure may improve firm investment over time. Our findings support this … argument. We document that voluntary disclosure commitment is associated with the more profitable exercise of firm investment … opportunities. Additionally, prior research hypothesizes that voluntary disclosure can reduce both under- and over-investment. We …

This study examines the impact of non-financial disclosure (NFD) on firms' labor investment efficiency. We analyze a … evidence reveals that this association is, in general, negative, with NFD exerting a positive influence on labor investment …