We examine whether the simultaneous release ofinformation affects managers’ ability to gather decision-relevant informationfrom market prices. Using the plausibly exogenous timing of patent grantdisclosures by the United States Patent and Trademark Office as a source ofvariation in the simultaneous release of value-relevant information, we showthat the market’s response to patent grants is more informative for managerialdecisions if the firm receives fewer patent grants on the same day. This effectis more pronounced for patents that relate to relatively more exploratory innovativestrategies for which feedback is arguably more important. Firms with moredistinct information releases also produce more valuable and higher qualityinnovations in the future. Taken together, our results suggest that bundlingthe release of multiple pieces of information at once potentially impedesmanagers’ ability to benefit from the market’s feedback.