| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10563 |
| 来源ID | Working Paper 10563 |
| The Real Effects of Investor Sentiment | |
| Christopher Polk; Paola Sapienza | |
| 发表日期 | 2004-06-21 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | We study how stock market mispricing might influence individual firms' investment decisions. We find a positive relation between investment and a number of proxies for mispricing, controlling for investment opportunities and financial slack, suggesting that overpriced (underpriced) firms tend to overinvest (underinvest). Consistent with the predictions of our model, we find that investment is more sensitive to our mispricing proxies for firms with higher R&D intensity suggesting longer periods of information asymmetry and thus mispricing) or share turnover (suggesting that the firms' shareholders are short-term investors). We also find that firms with relatively high (low) investment subsequently have relatively low (high) stock returns, after controlling for investment opportunities and other characteristics linked to return predictability. These patterns are stronger for firms with higher R&D intensity or higher share turnover. |
| 主题 | Macroeconomics ; Consumption and Investment ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w10563 |
| 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/568192 |
| 推荐引用方式 GB/T 7714 | Christopher Polk,Paola Sapienza. The Real Effects of Investor Sentiment. 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 | ||
| w10563.pdf（434KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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