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Ditemukan 5 dari pencarian Anda melalui kata kunci: author=Baker, Malcolm
cover
Behavioral corporate finance: a survey
Baker, MalcolmWurgler, JeffreyRuback, Richard S.

Softcopy

Edisi
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ISBN/ISSN
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Deskripsi Fisik
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Judul Seri
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No. Panggil
IM1450611
cover
Catering through nominal share prices
Baker, MalcolmWurgler, JeffreyGreenwood, Robin

We propose and test a catering theory of nominal stock prices. The theory predicts that when investors place higher valuations on low-price firms, managers respond by supplying shares at lower price levels, and vice versa. We confirm these predictions in time-series and firm-level data using several measures of time-varying catering incentives. More generally, the results provide unusually clea…

Edisi
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ISBN/ISSN
221082
Deskripsi Fisik
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Judul Seri
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No. Panggil
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cover
Predicting returns with managerial decision variables: is there a small-sampl…
Baker, MalcolmWurgler, JeffreyTaliaferro, Ryan

Many studies find that aggregate managerial decision variables, such as aggregate equity issuance, predict sock or bond market returns. Recent research argues that these findings may be driven by an aggregate time-series version of Schultz's (2003) pseudo market-timing bias. Using standards simulations techniques, we find that the bias is much too small to account for the observed predictive po…

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ISBN/ISSN
221082
Deskripsi Fisik
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Judul Seri
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No. Panggil
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cover
Investor sentiment and the cross-section of stock returns
Baker, MalcolmWurgler, Jeffrey

We study how investor sentiment affects the cross-section of stock returns. We predict that a wave of investor sentiment has larger effects on securities whose valuations are highly subjective and difficult to arbitrage. Consistent with this prediction, we find that when beginning-of-period proxies for sentiment are low, subsequent returns are relatively high for small stocks, extreme growth st…

Edisi
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ISBN/ISSN
221082
Deskripsi Fisik
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Judul Seri
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No. Panggil
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cover
A catering theory of dividends
Baker, MalcolmWurgler, Jeffrey

We propose that the decision to pay dividends is driven by prevailing investor demand for dividend payers. Managers cater to investors by paying dividends when investors put a stock price premium on payers, and by not paying when investors prefer nonpayers. To test this prediction, we construct four stock price-based measures of investor demand for dividend payers. By each measure, nonpayers te…

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ISBN/ISSN
00221082
Deskripsi Fisik
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Judul Seri
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No. Panggil
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