| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22924 |
| 来源ID | Working Paper 22924 |
| Why Does Capital No Longer Flow More to the Industries with the Best Growth Opportunities? | |
| Dong Lee; Han Shin; René M. Stulz | |
| 发表日期 | 2016-12-12 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | With functionally efficient capital markets, we expect capital to flow more to the industries with the best growth opportunities. As a result, these industries should invest more and see their assets grow more relative to industries with the worst growth opportunities. We find that industries that receive more funds have a higher industry Tobin’s q until the mid-1990s, but not since then. Since industries with a higher funding rate grow more, there is a negative correlation not only between an industry’s funding rate and industry q but also between capital expenditures and industry q since the mid-1990s. We show that capital no longer flows more to the industries with the best growth opportunities because, since the middle of the 1990s, firms in high q industries increasingly repurchase shares rather than raise more funding from the capital markets. |
| 主题 | Macroeconomics ; Consumption and Investment ; Money and Interest Rates ; Financial Economics ; Corporate Finance ; Industrial Organization ; Market Structure and Firm Performance |
| URL | https://www.nber.org/papers/w22924 |
| 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/580597 |
| 推荐引用方式 GB/T 7714 | Dong Lee,Han Shin,René M. Stulz. Why Does Capital No Longer Flow More to the Industries with the Best Growth Opportunities?. 2016. |
| 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 | ||
| w22924.pdf（659KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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