G2TT
来源类型Discussion paper
规范类型论文
来源IDDP8820
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
URLhttps://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.
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