Information flows among rivals and corporate investment
Abstract
Using a novel pairwise measure of firms’ acquisition of rivals’ disclosures, we show that investment opportunities drive interfirm information flows. We find that these flows predict subsequent mergers and acquisitions as well as how and how much firms invest, relative to rivals. Moreover, firms’ use of rivals’ information often hinges on the similarities of their products. Our results suggest that rivals’ public information, far from being...
Paper Details
Title
Information flows among rivals and corporate investment
Published Date
Jun 1, 2020
Volume
136
Issue
3
Pages
760 - 779
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