We test predictions that managers issuing voluntary capex guidance learn from analyst feedbackand that this learning enhances investment efficiency and firm performance (Langberg andSivaramakrishnan, 2010). Our findings are consistent with these predictions. First, we find thatmanagers' capex...

We present evidence that managerial responses to voluntary clawback adoptionsdepend on compensation incentives that can induce capital investment mix shifts and reducecapital investment efficiency. Specifically, we find that managers incentivized by high levels ofperformance-based pay and...