内生性
库存(枪支)
货币经济学
股票价格
经济
业务
生产力
计量经济学
生物
宏观经济学
机械工程
古生物学
系列(地层学)
工程类
作者
Benjamin Bennett,René M. Stulz,Zexi Wang
标识
DOI:10.1016/j.jfineco.2019.09.006
摘要
Management, directly or indirectly, learns from its firm's stock price, so a more informative stock price should make the firm more productive. We show that stock price informativeness increases firm productivity. We provide direct evidence of one channel through which stock price informativeness affects productivity; specifically, we find that CEO turnover is less sensitive to Tobin's q when informativeness is lower. We predict and confirm that the productivity of smaller and younger firms, better governed firms, more specialized firms, and firms with more competition is more strongly related to the informativeness of their stock price. We further address endogeneity concerns with the use of brokerage closures, S&P 500 additions, and mutual fund redemptions as plausibly exogenous events.
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