This study examines the role of information transparency in facilitating peer firms’ investment in follow-on innovation. We capture information transparency with both textual and numerical information disclosed in 10-Ks. Using patent citations to proxy for investment in follow-on innovation,...

This paper investigates how supply chain management (SCM) efficiency affects the value investors attach to the change in a company's inventory holdings. Based on a large number of U.S. firms from 1971 to 2013, we find that, on average, one dollar of inventory change is valued at $0.507 in the...

Using a sample of U.S. banks and indices for economic policy uncertainty and monetary policy uncertainty developed by Baker et al. (2016), we investigate whether these two sources of policy uncertainty affect bank earnings opacity. When economic and monetary policies are relatively uncertain, it...