| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24102 |
| 来源ID | Working Paper 24102 |
| Does the Stock Market Make Firms More Productive? | |
| Benjamin Bennett; René Stulz; Zexi Wang | |
| 发表日期 | 2017-12-11 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We test the hypothesis that greater stock price informativeness (SPI) leads to higher firm-level productivity (TFP). Management, directly or indirectly, learns more from more informative stock prices, so that more informative stock prices should make firms more productive. We find a positive relation between SPI and TFP. The relation is stronger for smaller, younger, riskier, less capital-intensive, and financially-constrained firms. Product market competition and better governance amplify the relation, while diversification weakens it. We address endogeneity concerns with fixed effects, instrumental variables, and the use of brokerage house research department closures and S&P 500 additions as plausibly exogenous events. |
| 主题 | Microeconomics ; Households and Firms ; Financial Economics ; Financial Markets ; Corporate Finance |
| URL | https://www.nber.org/papers/w24102 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581774 |
| 推荐引用方式 GB/T 7714 | Benjamin Bennett,René Stulz,Zexi Wang. Does the Stock Market Make Firms More Productive?. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24102.pdf（613KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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