| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7075 |
| 来源ID | Working Paper 7075 |
| Do Investors Forecast Fat Firms? Evidence from the Gold Mining Industry | |
| Severin Borenstein; Joseph Farrell | |
| 发表日期 | 1999-04-01 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | Conventional economic theory assumes that firms always minimize costs given the output they produce. News articles and interviews with executives, however, indicate that firms from time to time engage in cost-cutting exercises. One popular belief is that firms cut costs when they are in economic distress, and grow fat when they are relatively wealthy. We explore this hypothesis by studying the response of the stock market values of gold mining companies to changes in gold prices. The value of a cost-minimizing, profit-maximizing firm is convex in the price of a competitively supplied input or output, but we find that the stock values of many gold mining companies are concave in the price of gold. We show that this is consistent with fat accumulation when a firm grows wealthy. We then address a number of potential alternative explanations and discuss where fat in these companies might reside. |
| URL | https://www.nber.org/papers/w7075 |
| 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/564601 |
| 推荐引用方式 GB/T 7714 | Severin Borenstein,Joseph Farrell. Do Investors Forecast Fat Firms? Evidence from the Gold Mining Industry. 1999. |
| 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 | ||
| w7075.pdf（508KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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