Internal Information Quality and the Sensitivity of Investment to Market Prices and Accounting Profits
研究了内部信息质量如何影响企业投资决策：当内部信息质量更高时，投资对内部利润信号更敏感，对外部价格信号更不敏感。
ABSTRACT We ask whether the quality of internal information matters for investment decisions. We predict that investment is more sensitive to internal profit signals and less sensitive to external price signals when managers have higher‐quality internal information. Consistent with recent theoretical and empirical research, we proxy for internal information quality using observable information properties. We find that the sensitivity of investment to profitability is increasing, while the sensitivity of investment to market‐to‐book is decreasing in internal information quality. Our focus on internal information and decision making offers new and unique insights on the importance of information quality and complements the growing literature on the role of external reporting quality in reducing financing frictions.