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حسابداری و مالی::
سرمایهگذاری بالا، سرمایهگذاری بیشازحد
In contrast, when account- ing reports provide information about future cash flows, the firm can have incentives to either under- or overinvest depending on the precision of ac- counting reports and the expected growth in demand.
In contrast, we find that when accounting reports convey information about the forthcoming operating cash flows, equilibrium outcomes can entail either under- or overinvestment depending on the parameter values.
ically, we find that firms with high expected growth in demand overinvest relative to the first-best levels, whereas firms facing low demand growth rates underinvest.
To understand how overinvestment can happen in equilibrium when ac- counting reports provide information about future operating cash flows, no- tice that a report about demand in the next period is also useful in updating expectations about demand in all future periods because demand shocks have a persistent component.
These overinvestment،
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