Does Continuous Disclosure Improve Investment Efficiency? Evidence from a Unique Regulatory Setting
基于澳大利亚独特的持续披露监管环境，研究发现持续披露与投资效率正相关，能缓解过度投资和投资不足，信息不对称是关键传导渠道。
We examine the association between continuous disclosure and investment efficiency within the context of Australia's unique regulatory setting for continuous disclosure. Based on 8,527 firm‐year observations, we find that continuous disclosure is positively associated with investment efficiency and helps to mitigate both over‐investment and under‐investment. Further analysis shows that this positive association is stronger in firms with better corporate governance, higher institutional investor ownership, and greater financial analyst coverage. Our results hold for both price‐sensitive and non‐price‐sensitive categories of continuous disclosure. Finally, mediation analysis indicates that information asymmetry serves as a key channel through which continuous disclosure influences investment efficiency. Given its role as a critical disclosure mechanism, these findings contribute to the ongoing debate on the costs and benefits of continuous disclosure and have important implications for standard‐setters, regulators, investment analysts, and firms.