We develop a theoretical perspective on how the increasing data availability in the digital age affects firms’ strategic decisions. Specifically, we explore whether, and under which conditions, external experts’ collective assessment of product‐technology domains impacts firms’ allocation of capital to their strategic business units engaged in these domains. Drawing on decision comprehensiveness theory, we propose that such expert sentiment has informational value for capital allocation decisions, and that this value is contingent on the available information’s determinacy and quantity. We find evidence for our propositions by studying 669 capital allocation decisions made by 85 pharmaceutical firms from 2005 to 2016, and by using supervised machine learning classifiers to analyse expert sentiment in almost 250,000 articles. Our study contributes to the behavioural theory of the firm by showing that, contrary to what scholars traditionally assume, decision makers broaden, rather than narrow, their information processing in comprehensive information environments.

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such agency, taking into account the entities regulated by each such agency and the purposes for which such entities would rely on such standards of credit-worthiness; and (c) REPORT.-Upon conclusion of the review required under subsection (a), each Federal agency shall transmit a report to Congress containing a description of any modification of any regulation such agency made pursuant to subsection (b). II. Rule Proposals The Commission has proposed to amend rules and forms under the federal securities laws in response to the enactment of Section 939A. Below is a description of each proposing release and the proposed amendments. This section describes proposals that do not reflect final action by the Commission on the rules. Comments on the proposals are important in developing the final rules, and the staff is continuing to review comments received on the proposals. A. Security Ratings Release On February 9, 2011, the Commission proposed amending certain rules and form requirements under the Securities Act of 1933 3 ("Securities Act") and the Securities Exchange Act of 1934 4 ("Exchange Act") that rely on, or make special accommodations for, securities ratings. 5 3 15 U.S.C. 77a et seq. The Commission proposed amendments to the following rules and forms:

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