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Do stock price bubbles influence corporate investment? 总被引:1,自引:0,他引:1
Dispersion in investor beliefs and short-selling constraints can lead to stock market bubbles. This paper argues that firms, unlike investors, can exploit such bubbles by issuing new shares at inflated prices. This lowers the cost of capital and increases real investment. Perhaps surprisingly, large bubbles are not eliminated in equilibrium nor do large bubbles necessarily imply large distortions. Using the variance of analysts’ earnings forecasts to proxy for the dispersion of investor beliefs, we find that increases in dispersion cause increases in new equity issuance, Tobin's Q, and real investment, as predicted by the model. 相似文献
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Desarbo Wayne Ansari Asim Chintagunta Pradeep Himmelberg Charles Jedidi Kamel Johnson Richard Kamakura Wagner Lenk Peter Srinivasan Kannan Wedel Michel 《Marketing Letters》1997,8(3):335-348
We define sources of heterogeneity in consumer utility functions relatedto individual differences in response tendencies, drivers of utility, formof the consumer utility function, perceptions of attributes, statedependencies, and stochasticity. A variety of alternative modelingapproaches are reviewed that accommodate subsets of these various sourcesincluding clusterwise regression, latent structure models, compounddistributions, random coefficients models, etc. We conclude by defining anumber of promising research areas in this field. 相似文献
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