Abnormal Innovation Disclosure and the Cost of Equity Financing: Unpacking the Sentiment-Driven Mechanism and Asymmetric External Governance
Abnormal innovation disclosure may reflect both genuine signaling and opportunistic impression management, yet its capital-market consequences remain debated. Drawing on innovation-related textual data of Chinese A-share-listed firms from 2014 to 2024, this study examines the sentiment-driven mechanism linking abnormal...