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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w10537 |
来源ID | Working Paper 10537 |
Do Stock Price Bubbles Influence Corporate Investment? | |
Simon Gilchrist; Charles P. Himmelberg; Gur Huberman | |
发表日期 | 2004-06-07 |
出版年 | 2004 |
语种 | 英语 |
摘要 | Building on recent developments in behavioral asset pricing, we develop a model in which dispersion of investor beliefs under short-selling constraints drives a firm's stock price above its fundamental value. Managers optimally respond to the stock market bubble by issuing new equity. The bubble reduces the user-cost of capital and increase real investment. Using the variance of analysts' earnings forecasts as a proxy for the dispersion of investor beliefs, we find strong empirical support for the model's key prediction that increases in dispersion cause increases in new equity issuance, Tobin's Q, and real investment. |
主题 | Macroeconomics ; Consumption and Investment ; Financial Economics ; Corporate Finance |
URL | https://www.nber.org/papers/w10537 |
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/568166 |
推荐引用方式 GB/T 7714 | Simon Gilchrist,Charles P. Himmelberg,Gur Huberman. Do Stock Price Bubbles Influence Corporate Investment?. 2004. |
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 | ||
w10537.pdf(423KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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