The Real Costs of Financial Efficiency When Some Information Is Soft

This article shows that improving financial efficiency may reduce real efficiency. While the former depends on the total amount of information available, the latter depends on the relative amounts of hard and soft information. Disclosing more hard information (e.g., earnings) increases total informa...

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Veröffentlicht in:	Review of Finance 2016-10, Vol.20 (6), p.2151-2182
Hauptverfasser:	Edmans, Alex, Heinle, Mirko S., Huang, Chong
Format:	Artikel
Sprache:	eng
Schlagworte:	Cost of capital Cost reduction Disclosure Efficiency Financial management Information sharing Investment policy Studies
Online-Zugang:	Volltext
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