https://scholars.lib.ntu.edu.tw/handle/123456789/414543
標題: | Real effects of stock underpricing | 作者: | Hau, Harald Sandy LAI |
關鍵字: | Employment | Fire sales | Investment | Market inefficiency | Mutual funds | 公開日期: | 1-五月-2013 | 出版社: | ELSEVIER SCIENCE SA | 卷: | 108 | 期: | 2 | 起(迄)頁: | 392 | 來源出版物: | Journal of Financial Economics | 摘要: | This paper provides evidence for a causal effect of equity prices on corporate investment and employment. We use fire sales by distressed equity funds during the 2007-2009 financial crisis to identify substantial exogenous underpricing. Firms whose stocks are most underpriced have considerably lower investment and employment than industry peers not subject to any fire sale discount. The causal effect of underpricing on investment is found to be largely concentrated on the most financially constrained firms. © 2012 Elsevier B.V. |
URI: | https://scholars.lib.ntu.edu.tw/handle/123456789/414543 | ISSN: | 0304405X | DOI: | 10.1016/j.jfineco.2012.11.001 |
顯示於: | 財務金融學系 |
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