Do stock price bubbles influence corporate investment?

• 成果类型: Article; Proceedings Paper
• 署名作者: Gilchrist, S; Himmelberg, CP; Huberman, G
• 署名单位: Boston University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - New York; Columbia University
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2005.03.003
• 发表日期: 2005
• 页码: 805-827
• 关键词: stock prices; heterogeneous beliefs; short sales constraints; INVESTMENT

摘要

Dispersion in investor beliefs and short-selling constraints can lead to stock market bubbles. This paper argues that firms, unlike investors, can exploit such bubbles by issuing new shares at inflated prices. This lowers the cost of capital and increases real investment. Perhaps surprisingly, large bubbles are not eliminated in equilibrium nor do large bubbles necessarily imply large distortions. Using the variance of analysts' earnings forecasts to proxy for the dispersion of investor beliefs, we find that increases in dispersion cause increases in new equity issuance, Tobin's Q, and real investment, as predicted by the model. (c) 2005 Published by Elsevier B.V.