| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14290 |
| 来源ID | Working Paper 14290 |
| Real and Financial Industry Booms and Busts | |
| Gerard Hoberg; Gordon M. Phillips | |
| 发表日期 | 2008-08-29 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | We examine how product market competition affects firm cash flows and stock returns in industry booms and busts. In competitive industries, we find that high industry-level stock-market valuation, investment and new financing are followed by sharply lower operating cash flows and abnormal stock returns. We also find that analyst estimates are positively biased and returns comove more when industry valuations are high in competitive industries. In concentrated industries these relations are weak and generally insignificant. Our results suggest that when industry stock-market valuations are high, firms and investors in competitive industries do not fully internalize the negative externality of industry competition on cash flows and stock returns. |
| 主题 | Financial Economics ; Financial Markets ; Corporate Finance |
| URL | https://www.nber.org/papers/w14290 |
| 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/571965 |
| 推荐引用方式 GB/T 7714 | Gerard Hoberg,Gordon M. Phillips. Real and Financial Industry Booms and Busts. 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 | ||
| w14290.pdf（277KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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