We analyze how uncertainty about when information about future
returns to a project may be revealed affects investment. Whereas good
news about future returns boosts investment, good news about news
(that is, news that information may arrive sooner) is shown to
depress investment. We show that early revelation increases the value
of an irreversible investment project to a risk-neutral investor. Our
framework allows us to study irreversible investment projects whose
value has a time-variable volatility. We also consider how
heterogeneity of revelation information across firms may induce a
better-informed firm to share its information with competitors.