Information, Investment Adjustment, and the Cost of Capital
研究发现，私有信息对不知情交易者造成交易劣势，但为企业投资调整提供信号；投资调整灵活性低（价值型）的公司股票存在信息溢价，而灵活性高（成长型）的公司股票存在信息折价。
Private information imposes a severe trading disadvantage on uninformed traders while at the same time providing firms with valuable signals for investment adjustment. The two forces have opposite impacts on the cost of capital, and the net effect depends on which force dominates. We show that stocks of firms with low flexibility in investment adjustment (“value firms”) command an information premium, whereas stocks of firms with high flexibility in investment adjustment (“growth firms”) deliver an information discount. These results are consistent with the findings that growth firms exhibit stronger investment sensitivity to information in stock prices than value firms.