| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17394 |
| 来源ID | Working Paper 17394 |
| Comparing the Investment Behavior of Public and Private Firms | |
| John Asker; Joan Farre-Mensa; Alexander Ljungqvist | |
| 发表日期 | 2011-09-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We evaluate differences in investment behavior between stock market listed and privately held firms in the U.S. using a rich new data source on private firms. Listed firms invest less and are less responsive to changes in investment opportunities compared to observably similar, matched private firms, especially in industries in which stock prices are particularly sensitive to current earnings. These differences do not appear to be due to unobserved differences between public and private firms, how we measure investment opportunities, lifecycle differences, or our matching criteria. We suggest that the patterns we document are most consistent with theoretical models emphasizing the role of managerial myopia. |
| 主题 | Microeconomics ; Households and Firms ; Behavioral Economics ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w17394 |
| 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/575068 |
| 推荐引用方式 GB/T 7714 | John Asker,Joan Farre-Mensa,Alexander Ljungqvist. Comparing the Investment Behavior of Public and Private Firms. 2011. |
| 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 | ||
| w17394.pdf（216KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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