Capital budgeting versus market timing : an evaluation using demographics

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Capital budgeting versus market timing : an evaluation using demographics

Pollet, Joshua M. - ; Dellavigna, Stefano - ;

Using demand shifts induced by demographics, we evaluate capital budgeting and market timing. Capital budgeting implies that industries anticipating positive demand shifts in the near future should issue more equity to finance greater capacity. To the extent that demand shifts in the distant future are not incorporated into equity prices, market timing implies that industries anticipating positive shifts in the distant future should issue less equity due to undervaluation. The evidence supports both theories: new listings and equity issuance respond positively to demand shifts during the next 5 years and negatively to demand shifts further in the future..Printed Journal, baca ditempat

Ketersediaan

Call Number	Location	Available
JOF6801	PSB lt.dasar - Pascasarjana	1

Penerbit	Wiley Periodicals.,
Edisi	-
Subjek	-
ISBN/ISSN	221082
Klasifikasi	-
Deskripsi Fisik	-
Info Detail Spesifik	-
Other Version/Related	Tidak tersedia versi lain
Lampiran Berkas	Tidak Ada Data