| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13762 |
| 来源ID | Working Paper 13762 |
| Catering Through Nominal Share Prices | |
| Malcolm Baker; Robin Greenwood; Jeffrey Wurgler | |
| 发表日期 | 2008-01-29 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | We propose and test a catering theory of nominal stock prices. The theory predicts that when investors place higher valuations on low-price firms, managers will maintain share prices at lower levels, and vice-versa. Using measures of time-varying catering incentives based on valuation ratios, split announcement effects, and future returns, we find empirical support for the predictions in both time-series and firm-level data. Given the strong cross-sectional relationship between capitalization and nominal share price, an interpretation of the results is that managers may be trying to categorize their firms as small firms when investors favor small firms. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Corporate Finance |
| URL | https://www.nber.org/papers/w13762 |
| 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/571437 |
| 推荐引用方式 GB/T 7714 | Malcolm Baker,Robin Greenwood,Jeffrey Wurgler. Catering Through Nominal Share Prices. 2008. |
| 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 | ||
| w13762.pdf（270KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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