| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11882 |
| 来源ID | Working Paper 11882 |
| Investor Sentiment and Corporate Finance: Micro and Macro | |
| Owen A. Lamont; Jeremy C. Stein | |
| 发表日期 | 2005-12-19 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | We document that net equity issuance is considerably more sensitive to aggregate stock returns and Q's than to firm-level stock returns and Q's. Very similar patterns also emerge when we look at merger activity. In light of earlier work (Campbell 1991, Vuolteenaho 2002) which finds that aggregate stock returns are less informative about future cashflows than are firm-level stock returns--and thus, potentially more strongly influenced by investor sentiment--these results suggest that both equity issuance and mergers are to a significant extent driven by market-timing considerations, as opposed to by purely fundamental factors. |
| 主题 | Financial Economics ; Financial Markets ; Corporate Finance |
| URL | https://www.nber.org/papers/w11882 |
| 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/569533 |
| 推荐引用方式 GB/T 7714 | Owen A. Lamont,Jeremy C. Stein. Investor Sentiment and Corporate Finance: Micro and Macro. 2005. |
| 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 | ||
| w11882.pdf（181KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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