Corporate Investment and Stock Market Listing: A Puzzle?

• 成果类型: Article
• 署名作者: Asker, John; Farre-Mensa, Joan; Ljungqvist, Alexander
• 署名单位: University of California System; University of California Los Angeles; National Bureau of Economic Research; Harvard University; New York University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhu077
• 发表日期: 2015
• 页码: 342
• 关键词: cash flow; institutional investors; capital-markets; Dividend policy; panel-data; earnings; BEHAVIOR; FIRMS; decisions; AGENCY

摘要

We investigate whether short-termism distorts the investment decisions of stock market-listed firms. To do so, we compare the investment behavior of observably similar public and private firms, using a new data source on private U.S. firms and assuming for identification that closely held private firms are subject to fewer short-termist pressures. Our results show that compared with private firms, public firms invest substantially less and are less responsive to changes in investment opportunities, especially in industries in which stock prices are most sensitive to earnings news. These findings are consistent with the notion that short-termist pressures distort investment decisions.