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来源类型Working Paper
规范类型报告
DOI10.3386/w10537
来源IDWorking 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
URLhttps://www.nber.org/papers/w10537
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/568166
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Simon Gilchrist,Charles P. Himmelberg,Gur Huberman. Do Stock Price Bubbles Influence Corporate Investment?. 2004.
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