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Do managers pay attention to the market? A review of the relationship between stock price informativeness and investment
16 references·2 citing·39 second hop
Do managers pay attention to the market? A review of the relationship between stock price informativeness and investment (2020)Do managers pay attention to the market? …Market Timing and Capital Structure (2002)Market Timing and Capital Str…Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? (1997)Do Investment-Cash Flow Sensi…The Use of Knowledge in Society (1996)The Use of Knowledge in Socie…Financial Dependence and Growth (1996)Financial Dependence and Grow…Finance and Growth: Schumpeter Might Be Right (1993)Finance and Growth: Schumpete…Efficient Capital Markets: II (1991)Efficient Capital Markets: IIStock Market Prices Do Not Follow Random Walks: Evidence from a Simple Specification Test (1988)Stock Market Prices Do Not Fo…Financing Constraints and Corporate Investment (1988)Financing Constraints and Cor…Financing Constraints and Corporate Investment (1987)Financing Constraints and Cor…Continuous Auctions and Insider Trading (1985)Continuous Auctions and Insid…Corporate financing and investment decisions when firms have information that investors do not have (1984)Corporate financing and inves…Credit Rationing in Markets with Imperfect Information (1981)Credit Rationing in Markets w…On the Impossibility of Informationally Efficient Markets (1980)On the Impossibility of Infor…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)EFFICIENT CAPITAL MARKETS: A …Efficient Capital Markets: A Review of Theory and Empirical Work (1970)Efficient Capital Markets: A …Corporate investment sensitivity to equity market misvaluation (2023)Corporate investment sensitiv…Foreign analysts and managerial investment learning from stock markets (2022)Foreign analysts and manageri…Increases in risk and in risk aversion (1974)Risk Sharing and Incentives in the Principal and Agent Relationship (1979)The Benefits of Lending Relationships: Evidence from Small Business Data (1994)Adverse Selection in the Labor Market (2018)Market structure, information, futures markets, and price formation. (1984)Bid, ask and transaction prices in a specialist market with heterogeneously informed traders (1985)Noise Trader Risk in Financial Markets (1990)Investor Psychology and Security Market Under‐ and Overreactions (1998)Illiquidity and stock returns: cross-section and time-series effects (2002)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)A Contribution to the Empirics of Economic Growth (1992)Financial intermediation and growth: Causality and causes (2000)Finance and Growth: Theory and Evidence (2004)Law, finance, and economic growth in China (2005)On the mechanics of economic development (1988)Does Social Capital Have an Economic Payoff? A Cross-Country Investigation (1997)How does foreign direct investment affect economic growth? (1998)The Theory of Economic Development (2003)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)The 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)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)The Financial Accelerator in a Quantitative Business Cycle Framework (1998)New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index (2010)Corporate social responsibility and access to finance (2013)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)ON THE PRICING OF CORPORATE DEBT: THE RISK STRUCTURE OF INTEREST RATES* (1974)Users of the world, unite! The challenges and opportunities of Social Media (2009)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)Determinants of corporate borrowing (1977)The Capital Structure Puzzle (1984)A Survey of Corporate Governance (1997)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)A Dynamic Theory of Organizational Knowledge Creation (1994)Toward a knowledge‐based theory of the firm (1996)The Promise of Enterpreneurship as a Field of Research (2000)
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References

  • 1970EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK*23,066 cited
  • 1984Corporate financing and investment decisions when firms have information that investors do not have18,936 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1970Efficient Capital Markets: A Review of Theory and Empirical Work13,616 cited
  • 1981Credit Rationing in Markets with Imperfect Information12,762 cited
  • 1985Continuous Auctions and Insider Trading9,626 cited
  • 1993Finance and Growth: Schumpeter Might Be Right8,651 cited
  • 1996Financial Dependence and Growth8,055 cited
  • 1997Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?6,790 cited
  • 1996The Use of Knowledge in Society6,434 cited
  • 1991Efficient Capital Markets: II5,761 cited
  • 1988Financing Constraints and Corporate Investment5,566 cited
  • 1980On the Impossibility of Informationally Efficient Markets5,122 cited
  • 1987Financing Constraints and Corporate Investment4,354 cited
  • 2002Market Timing and Capital Structure3,804 cited
  • 1988Stock Market Prices Do Not Follow Random Walks: Evidence from a Simple Specification Test

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  • 2023Corporate investment sensitivity to equity market misvaluation12 cited
  • 2022Foreign analysts and managerial investment learning from stock markets11 cited