| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11081 |
| DP11081 Ripple Effects of Noise on Corporate Investment | |
| Thierry Foucault; Laurent Frésard; Adrien Matray | |
| 发表日期 | 2016-01-31 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Firms reduce investment in response to non-fundamental drops in the stock price of their product-market peers, as predicted by a model in which managers rely on stock prices as a source of information but cannot perfectly filter out noise in prices. The model also implies the response of investment to noise in peers' stock prices should be stronger when these prices are more informative, and weaker when managers are better informed. We find support for these predictions. Overall, our results highlight a new channel through which non-fundamental shocks to the stock prices of some firms influence real decisions of other firms. |
| 主题 | Financial Economics |
| 关键词 | Informational efficiency investment Learning Noise |
| URL | https://cepr.org/publications/dp11081 |
| 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/539910 |
| 推荐引用方式 GB/T 7714 | Thierry Foucault,Laurent Frésard,Adrien Matray. DP11081 Ripple Effects of Noise on Corporate Investment. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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。
