| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14587 |
| DP14587 The Real Side of the High-Volume Return Premium | |
| Doron Israeli; Ron Kaniel; Suhas A. Sridharan | |
| 发表日期 | 2020-04-09 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Prior literature demonstrates that an increased trading activity of a firm’s stock is associated with abnormal future stock returns (the high-volume return premium) and interprets this phenomenon as evidence that increased visibility generates reductions in cost of capital. Motivated by this interpretation, we investigate whether increased trading activity entails changes in real corporate actions. We document a positive relation between abnormal trading volume, future investment expenditures, and financing cash flows. This positive relation is not subsumed by the arrival of investment-related news or other corporate disclosures, nor by subsequent earnings information, and is concentrated among firms with high financial constraints and firms with lower levels of investor recognition. |
| 主题 | Financial Economics |
| 关键词 | Trading volume Corporate investment Financing cash flows Investor recognition |
| URL | https://cepr.org/publications/dp14587 |
| 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/543494 |
| 推荐引用方式 GB/T 7714 | Doron Israeli,Ron Kaniel,Suhas A. Sridharan. DP14587 The Real Side of the High-Volume Return Premium. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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