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حسابداری و مالی::
سرمایه سهام
This paper studies how information disclosure affects investment efficiency and investor welfare in a dynamic setting in which a firm makes sequen- tial investments to adjust its capital stock over time.
We show that the effects of accounting disclosures on investment efficiency and investor welfare crucially depend on whether such disclosures convey information about the firm's future capital stock (i.e.
Specifically, investment efficiency and investor welfare unambiguously increase in the precision of disclosures that convey information about the future capital stock, since such disclosures mitigate the current owners' incentives to underinvest.
The two types of accounting disclosures act as substitutes in that the precision of capital stock disclosures that maximizes investment efficiency (and investor welfare) decreases as cash flow disclosures become more informative and vice versa.
We extend this real effect literature by examining a dynamic model of an infinitely lived firm that makes periodic investments to adjust its capital stock.
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