Catering through nominal share prices

---

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 clean evidence that catering influences corporate decisions, because the process of targeting nominal share prices is not well explained by alternative theories..Printed journal

---

Ketersediaan

Call Number	Location	Available
	PSB lt.dasar - Pascasarjana	1

Informasi Detail

Judul Seri

-

No. Panggil

-

Penerbit

: American Finance Association.,

Deskripsi Fisik

-

Bahasa

ISBN/ISSN

221082

Klasifikasi

-

Tipe Isi

-

Tipe Media

-

Tipe Pembawa

-

Edisi

-

Subjek

Valuation
Incentives
Time series
Stock prices
studies

Info Detail Spesifik

-

Pernyataan Tanggungjawab

pa

Versi lain/terkait

Lampiran Berkas

Komentar

---

Anda harus masuk sebelum memberikan komentar