Information Quality, Growth Options, and Average Future Stock Returns
研究发现信息质量与未来股票收益的关系取决于公司股权的期权特性：增长期权多的公司（股权更像期权）两者负相关，反之正相关，这解释了以往研究的不一致结论。
ABSTRACT This study finds that the association between future stock returns and information quality depends on how option-like is the firm's equity. Firms that have more growth options are more option-like. The association between future stock returns and information quality is negative (positive) for those firms with equity that is least (most) option-like. These results are consistent with traditional asset pricing theory and are robust to numerous empirical specifications. Collectively, these findings offer a theoretically based and empirically supported explanation for why prior studies that do not condition on the option-like nature of equity have documented either a positive or no association between information quality and future average stock returns.