| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w3370 |
| 来源ID | Working Paper 3370 |
| The Stock Market, Profit and Investment | |
| Olivier Blanchard; Changyong Rhee; Lawrence Summers | |
| 发表日期 | 1990-05-01 |
| 出版年 | 1990 |
| 语种 | 英语 |
| 摘要 | Should managers, when making investment decisions, follow the signals given by the stock market even if those do not coincide with their own assessments of fundamental value? This paper reviews the theoretical arguments and examines the empirical evidence, constructing and using a new US time series of data on the q ratio from 1900 to 1988. We decompose q - - the ratio of the market value of corporate capital to its replacement cost - - into the product of two terms, reflecting "fundamentals" and "valuation", the ratio of market value to fundamentals. We then examine the relation of investment to each of the two, using a number of alternative proxies for fundamentals. We interpret our results as pointing, strongly but not overwhelmingly, to a larger role of "fundamentals" than of "valuation" in investment decisions. |
| 主题 | Other ; Macroeconomics |
| URL | https://www.nber.org/papers/w3370 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/560659 |
| 推荐引用方式 GB/T 7714 | Olivier Blanchard,Changyong Rhee,Lawrence Summers. The Stock Market, Profit and Investment. 1990. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w3370.pdf（357KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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