| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11073 |
| DP11073 Corporate Strategy, Conformism, and the Stock Market | |
| Thierry Foucault; Laurent Frésard | |
| 发表日期 | 2016-01-31 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We show that managers can raise firm value by imitating other public firms' strategies because imitation enhances their ability to obtain information from their own stock price or their peers' stock prices, which improves the efficiency of their investment decisions. This conformity effect is stronger for private firms' managers because they can learn information from stock prices only if they imitate public firms' strategies. In line with this prediction, we observe empirically that firms differentiate more after going public and that this pattern is stronger for firms with better informed managers or whose peers have less informative stock prices. |
| 主题 | Financial Economics ; Industrial Organization |
| 关键词 | Managerial learning Peers Product differentiation Stock price informativeness |
| URL | https://cepr.org/publications/dp11073 |
| 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/539902 |
| 推荐引用方式 GB/T 7714 | Thierry Foucault,Laurent Frésard. DP11073 Corporate Strategy, Conformism, and the Stock Market. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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