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Cash Savings and Stock Price Informativeness
16 references·13 citing·30 second hop
Cash Savings and Stock Price Informativeness (2011)Cash Savings and Stock Price Informativen…Handbook of the Economics of Finance (2013)Handbook of the Economics of …Why Do U.S. Firms Hold So Much More Cash than They Used To? (2009)Why Do U.S. Firms Hold So Muc…Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2008)Estimating Standard Errors in…R2 around the world: New theory and new tests☆ (2005)R2 around the world: New theo…The Cash Flow Sensitivity of Cash (2004)The Cash Flow Sensitivity of …Market Timing and Capital Structure (2002)Market Timing and Capital Str…Illiquidity and stock returns: cross-section and time-series effects (2002)Illiquidity and stock returns…Financial markets and the allocation of capital (2000)Financial markets and the all…The determinants and implications of corporate cash holdings (1999)The determinants and implicat…Evidence on the Characteristics of Cross Sectional Variation in Stock Returns (1997)Evidence on the Characteristi…The Use of Knowledge in Society (1996)The Use of Knowledge in Socie…Stock return variances (1986)Stock return variancesContinuous Auctions and Insider Trading (1985)Continuous Auctions and Insid…On the Impossibility of Informationally Efficient Markets (1980)On the Impossibility of Infor…On the Impossibility of Informationally Efficient Markets (1980)On the Impossibility of Infor…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Should I stay or should I go? Stock market reactions to companies' decisions in the wake of the Russia-Ukraine conflict (2023)Should I stay or should I go?…Does cybersecurity risk stifle corporate innovation activities? (2023)Does cybersecurity risk stifl…Cash holdings and firm performance: empirical analysis from Shariah-compliant and conventional corporations (2022)Cash holdings and firm perfor…Tarred with the Same Brush? Advertising Share of Voice and Stock Price Synchronicity (2021)Tarred with the Same Brush? A…Do Venture Capital Investors Learn from Public Markets? (2021)Do Venture Capital Investors …Stock price synchronicity and price informativeness: Evidence from a regulatory change in the U.S. banking industry (2020)Stock price synchronicity and…Do Noisy Stock Prices Impede Real Efficiency? (2020)Do Noisy Stock Prices Impede …Dividend policy and corporate investment under information shocks (2020)Dividend policy and corporate…What Do We Know About Corporate Cash Holdings? A Systematic Analysis (2019)What Do We Know About Corpora…ETF Ownership and Corporate Cash Holdings (2019)ETF Ownership and Corporate C…Innovation and Price Informativeness (2016)Innovation and Price Informat…Dividend changes and stock price informativeness (2015)Dividend changes and stock pr…Are Excess Cash Holdings More Valuable to Firms in Times of Crisis? Financial Constraints and Governance Matters (2014)Are Excess Cash Holdings More…CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Editor's Choice Digesting Anomalies: An Investment ApproachThe Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)Liquidity Risk and Expected Stock Returns (2003)Asset pricing with liquidity risk (2005)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Corporate financing and investment decisions when firms have information that investors do not have (1984)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Capital Structure Decisions: Which Factors Are Reliably Important? (2007)Does Corporate Social Responsibility Affect the Cost of Capital? (2010)The General Theory of Employment, Interest and Money. (1936)Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? (1997)The theory and practice of corporate finance: evidence from the field (2001)New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index (2010)Corporate social responsibility and access to finance (2013)Specification Tests in Econometrics (1978)Econometric Analysis of Cross Section and Panel Data (2001)Robust Standard Errors for Panel Regressions with Cross-Sectional Dependence (2007)Robust Inference With Multiway Clustering (2011)Policy Uncertainty and Corporate Investment (2015)Noise Trader Risk in Financial Markets (1990)Efficient Capital Markets: II (1991)Investor Psychology and Security Market Under‐ and Overreactions (1998)Comparative Economic Organization: The Analysis of Discrete Structural Alternatives (1991)A Dynamic Theory of Organizational Knowledge Creation (1994)The New Institutional Economics: Taking Stock, Looking Ahead (2000)
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References

  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 2008Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches10,793 cited
  • 2002Illiquidity and stock returns: cross-section and time-series effects10,008 cited
  • 1985Continuous Auctions and Insider Trading9,626 cited
  • 1996The Use of Knowledge in Society6,434 cited
  • 1980On the Impossibility of Informationally Efficient Markets5,122 cited
  • 1999The determinants and implications of corporate cash holdings3,910 cited
  • 2002Market Timing and Capital Structure3,804 cited
  • 1980On the Impossibility of Informationally Efficient Markets3,640 cited
  • 2004The Cash Flow Sensitivity of Cash3,523 cited
  • 2009Why Do U.S. Firms Hold So Much More Cash than They Used To?2,896 cited
  • 2005R2 around the world: New theory and new tests☆2,833 cited
  • 2000Financial markets and the allocation of capital1,972 cited
  • 1986Stock return variances1,813 cited
  • 2013Handbook of the Economics of Finance1,813 cited
  • 1997Evidence on the Characteristics of Cross Sectional Variation in Stock Returns

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  • 2023Does cybersecurity risk stifle corporate innovation activities?50 cited
  • 2020Dividend policy and corporate investment under information shocks34 cited
  • 2020Do Noisy Stock Prices Impede Real Efficiency?31 cited
  • 2021Tarred with the Same Brush? Advertising Share of Voice and Stock Price Synchronicity29 cited
  • 2016Innovation and Price Informativeness25 cited
  • 2020Stock price synchronicity and price informativeness: Evidence from a regulatory change in the U.S. banking industry24 cited
  • 2022Cash holdings and firm performance: empirical analysis from Shariah-compliant and conventional corporations22 cited
  • 2021Do Venture Capital Investors Learn from Public Markets?21 cited
  • 2019ETF Ownership and Corporate Cash Holdings16 cited