| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3819 |
| DP3819 Do Oppositional Identities Reduce Employment for Ethnic Minorities? | |
| Yves Zenou; Harminder Battu; MacDonald Mwale | |
| 发表日期 | 2003-03-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | Does inefficiency of financial markets have real consequences? Or does it only result in transfers of wealth from noise traders to arbitrageurs? We study firm business investment to address this question. In our model, benevolent managers of overvalued companies invest in projects with negative net present value and managers of undervalued companies forego projects with positive net present value. Empirically, we find a positive relation between investment and a number of proxies for mispricing, controlling for investment opportunities and financial slack, suggesting that overpriced (underpriced) firms tend to over invest (under invest). Consistent with the predictions of our model, we find that investment is more sensitive to mispricing for firms with higher R&D intensity (suggesting longer periods of information asymmetry) or share turnover (suggesting that the firms' shareholders are short-term investors). We document similar patterns in the cross-section of average returns. Firms with relatively high (low) investment subsequently have relatively low (high) stock returns, after controlling for investment opportunities and other characteristics linked to return predictability. These patterns are stronger for firms with higher R&D intensity or higher share turnover. |
| 主题 | Financial Economics |
| 关键词 | Behavioural finance Investments |
| URL | https://cepr.org/publications/dp3819 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532811 |
| 推荐引用方式 GB/T 7714 | Yves Zenou,Harminder Battu,MacDonald Mwale. DP3819 Do Oppositional Identities Reduce Employment for Ethnic Minorities?. 2003. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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