THE NESTLE CRASH

• 成果类型: Article
• 署名作者: LODERER, C; JACOBS, A
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/0304-405X(94)00802-8
• 发表日期: 1995
• 页码: 315-339
• 关键词: liquidity; PRICE ELASTICITY OF DEMAND; MULTIPLE STOCK CLASSES; crash; ANTITAKEOVER AMENDMENTS

摘要

On November 17, 1988, the board of directors of Nestle AG decided to allow foreign investors to hold Nestle registered stock, reversing a longstanding practice. This decision had a tremendous impact on the prices of the firm's three classes of common stock, as well as on the prices of several other corporations traded on the Zurich stock exchange. These price changes can be explained by the hypothesis that demand curves slope down.