Learning from Peers' Stock Prices and Corporate Investment
Learning from Peers' Stock Prices and Corporate Investment
复制标题
DOI：
10.2139/ssrn.2117150
复制
发表时间：
2013-08
期刊：
影响因子：
--
通讯作者：
Thierry Foucault;L. Frésard
中科院分区：
文献类型：
--
作者：
Thierry Foucault;L. Frésard
同行的估值对公司的投资很重要：同行估值每增加一个标准差，公司投资就会增加5.9%。当一家公司的股票价格信息含量较低或其管理人员似乎不太知情时，这种关联更强。此外，当同行的股票价格信息含量较高时，或者当对其产品和同行产品的需求更相关时，公司的投资对其股票价格的敏感性较低。此外，上市后公司投资对同行估值的敏感性显著下降。这些发现是由一个模型预测的，在这个模型中，管理者从同行的估值中学习信息。
Peers' valuation matters for firms' investment: a one standard deviation increase in peers' valuation is associated with a 5.9% increase in corporate investment. This association is stronger when a firm's stock price informativeness is lower or when its managers appear less informed. Also, the sensitivity of a firm's investment to its stock price is lower when its peers' stock price informativeness is higher or when demands for its products and its peers' products are more correlated. Furthermore, the sensitivity of firms' investment to their peers' valuation drops significantly after going public. These findings are uniquely predicted by a model in which managers learn information from their peers' valuation.