| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8820 |
| DP8820 Real Effects of Stock Underpricing | |
| Harald Hau; Sandy Lai | |
| 发表日期 | 2012-02-01 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | This paper provides evidence for a causal effect of equity prices on corporate investment and employment. We use fire sales by distressed equity funds during the 2007-2009 financial crisis to identify substantial exogenous underpricing. Firms whose stocks are most underpriced have considerably lower investment and employment than industry peers not subject to any fire sale discount. The causal effect of underpricing on investment is found to be largely concentrated on the most financially constrained firms. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Market inefficiency Fire sales Mutual funds investment Employment |
| URL | https://cepr.org/publications/dp8820 |
| 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/537656 |
| 推荐引用方式 GB/T 7714 | Harald Hau,Sandy Lai. DP8820 Real Effects of Stock Underpricing. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
| 个性服务 |
| 推荐该条目 |
| 保存到收藏夹 |
| 导出为Endnote文件 |
| 谷歌学术 |
| 谷歌学术中相似的文章 |
| [Harald Hau]的文章 |
| [Sandy Lai]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Harald Hau]的文章 |
| [Sandy Lai]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Harald Hau]的文章 |
| [Sandy Lai]的文章 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
