| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15184 |
| 来源ID | Working Paper 15184 |
| Capital Budgeting vs. Market Timing: An Evaluation Using Demographics | |
| Stefano DellaVigna; Joshua M. Pollet | |
| 发表日期 | 2009-07-23 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | An ongoing debate sets capital budgeting against market timing. The primary difficulty in evaluating these theories is finding distinct exogenous proxies for investment opportunities and mispricing. We use demand shifts induced by demographics to address this problem, and hence, provide a more definitive analysis of the theories. According to capital budgeting, industries anticipating positive demand shifts in the near future should issue more equity (and debt) to finance additional capacity. To the extent that demographic shifts in the more distant future are not incorporated into equity prices, market timing implies that industries anticipating positive demand shifts in the distant future should issue less equity due to undervaluation. We find evidence supporting both capital budgeting and market timing: new listings and equity issuance by existing listings respond positively to demand shifts up to 5 years ahead, and negatively to demand shifts 5 to 10 years ahead. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w15184 |
| 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/572860 |
| 推荐引用方式 GB/T 7714 | Stefano DellaVigna,Joshua M. Pollet. Capital Budgeting vs. Market Timing: An Evaluation Using Demographics. 2009. |
| 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 | ||
| w15184.pdf（364KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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