Using detailed project-level data, we document a novel mechanism through which information externalities distort investment. Firms anticipate information spillover from peers’ investment decisions and delay project exercise to learn from their peers’ outcomes. To establish a causal...

Online social spaces, where users can exchange information, opinions and resources, have achieved wide popularity and are gaining attention in many research fields, including education. Their actual potential support to learning, however, still requires investigation, especially because portals...