메뉴 건너뛰기




Volumn 63, Issue 3, 2008, Pages 1025-1058

Growth versus Margins: Destabilizing Consequences of Giving the Stock Market What It Wants

Author keywords

[No Author keywords available]

Indexed keywords


EID: 43649105568     PISSN: 00221082     EISSN: 15406261     Source Type: Journal    
DOI: 10.1111/j.1540-6261.2008.01351.x     Document Type: Article
Times cited : (65)

References (40)
  • 2
    • 0041360394 scopus 로고    scopus 로고
    • When does the market matter? Stock prices and the investment of equity-dependent firms
    • Baker, Malcolm, Jeremy C. Stein, and Jeffrey Wurgler, 2003, When does the market matter? Stock prices and the investment of equity-dependent firms, Quarterly Journal of Economics 118, 969-1005.
    • (2003) Quarterly Journal of Economics , vol.118 , pp. 969-1005
    • Baker, M.1    Stein, J.C.2    Wurgler, J.3
  • 3
    • 2942716949 scopus 로고    scopus 로고
    • A catering theory of dividends
    • Baker, Malcolm, and Jeffrey Wurgler, 2004a, A catering theory of dividends, Journal of Finance 59, 1125-1165.
    • (2004) Journal of Finance , vol.59 , pp. 1125-1165
    • Baker, M.1    Wurgler, J.2
  • 4
    • 3242787159 scopus 로고    scopus 로고
    • Appearing and disappearing dividends: The link to catering incentives
    • Baker, Malcolm, and Jeffrey Wurgler, 2004b, Appearing and disappearing dividends: The link to catering incentives, Journal of Financial Economics 73, 271-288.
    • (2004) Journal of Financial Economics , vol.73 , pp. 271-288
    • Baker, M.1    Wurgler, J.2
  • 5
    • 33746819192 scopus 로고    scopus 로고
    • Investor sentiment and the cross section of stock returns
    • Baker, Malcolm, and Jeffrey Wurgler, 2006, Investor sentiment and the cross section of stock returns, Journal of Finance 61, 1645-1680.
    • (2006) Journal of Finance , vol.61 , pp. 1645-1680
    • Baker, M.1    Wurgler, J.2
  • 7
    • 84993918471 scopus 로고
    • Do short-term objectives lead to under- or overinvestment in long-term projects
    • Bebchuk, Lucian, and Lars Stole, 1993, Do short-term objectives lead to under- or overinvestment in long-term projects Journal of Finance 48, 719-729.
    • (1993) Journal of Finance , vol.48 , pp. 719-729
    • Bebchuk, L.1    Stole, L.2
  • 8
    • 84942847223 scopus 로고    scopus 로고
    • Amazon.com: The good, the bad and the ugly
    • March 2
    • Becker, Holly, 2001, Amazon.com: The good, the bad and the ugly, Lehman Brothers Equity Research, March 2, p. 3.
    • (2001) Lehman Brothers Equity Research , pp. 3
    • Becker, H.1
  • 10
    • 33745808764 scopus 로고    scopus 로고
    • Executive compensation and short-termist behavior in speculative markets
    • Bolton, Patrick, Jose Scheinkman, and Wei Xiong, 2006, Executive compensation and short-termist behavior in speculative markets, Review of Economic Studies 73, 577-610.
    • (2006) Review of Economic Studies , vol.73 , pp. 577-610
    • Bolton, P.1    Scheinkman, J.2    Xiong, W.3
  • 12
    • 0007980134 scopus 로고    scopus 로고
    • Business fixed investment and "bubbles": The Japanese case
    • Chirinko, Robert S., and Huntley Schaller, 2001, Business fixed investment and "bubbles": The Japanese case, American Economic Review 91, 663-680.
    • (2001) American Economic Review , vol.91 , pp. 663-680
    • Chirinko, R.S.1    Schaller, H.2
  • 13
    • 0001510595 scopus 로고    scopus 로고
    • The economics of career concerns, part I: Comparing information structures
    • Dewatripont, Matias, Ian Jewitt, and Jean Tirole, 1999, The economics of career concerns, part I: Comparing information structures, Review of Economic Studies 66, 183-198.
    • (1999) Review of Economic Studies , vol.66 , pp. 183-198
    • Dewatripont, M.1    Jewitt, I.2    Tirole, J.3
  • 14
    • 85010390101 scopus 로고
    • Bank runs, deposit insurance and liquidity
    • Diamond, Douglas, and Philip Dybvig, 1983, Bank runs, deposit insurance and liquidity, Journal of Political Economy 91, 401-419.
    • (1983) Journal of Political Economy , vol.91 , pp. 401-419
    • Diamond, D.1    Dybvig, P.2
  • 15
    • 84942865387 scopus 로고    scopus 로고
    • ROIC is key (not the gross margin)
    • February 12
    • Ehrens, Scott, 1999, ROIC is key (not the gross margin), Bear Stearns Equity Research, February 12, p. 3.
    • (1999) Bear Stearns Equity Research , pp. 3
    • Ehrens, S.1
  • 17
    • 2942750347 scopus 로고    scopus 로고
    • Animal spirits through creative destruction
    • Francois, Patrick, and Huw Lloyd-Ellis, 2003, Animal spirits through creative destruction, American Economic Review 93, 530-550.
    • (2003) American Economic Review , vol.93 , pp. 530-550
    • Francois, P.1    Lloyd-Ellis, H.2
  • 19
    • 0002913540 scopus 로고
    • The non-linear accelerator and the persistence of business cycles
    • Goodwin, Richard, 1951, The non-linear accelerator and the persistence of business cycles, Econometrica 19, 1-17.
    • (1951) Econometrica , vol.19 , pp. 1-17
    • Goodwin, R.1
  • 20
    • 0000675003 scopus 로고
    • On endogenous competitive business cycles
    • Grandmont, Jean-Michel, 1985, On endogenous competitive business cycles, Econometrica 53, 995-1045.
    • (1985) Econometrica , vol.53 , pp. 995-1045
    • Grandmont, J.-M.1
  • 21
    • 4243442002 scopus 로고    scopus 로고
    • Managerial incentive problems: A dynamic perspective
    • Holmstrom, Bengt, 1999, Managerial incentive problems: A dynamic perspective, Review of Economic Studies 66, 169-182.
    • (1999) Review of Economic Studies , vol.66 , pp. 169-182
    • Holmstrom, B.1
  • 22
    • 0002430504 scopus 로고
    • Multi-task principal-agent analyses: Incentive contracts, asset ownership and job design
    • Holmstrom, Bengt, and Paul Milgrom, 1991, Multi-task principal-agent analyses: Incentive contracts, asset ownership and job design, Journal of Law, Economics and Organization 7, 24-52.
    • (1991) Journal of Law, Economics and Organization , vol.7 , pp. 24-52
    • Holmstrom, B.1    Milgrom, P.2
  • 23
    • 0000210848 scopus 로고
    • Market liquidity and performance monitoring
    • Holmstrom, Bengt, and Jean Tirole, 1993, Market liquidity and performance monitoring, Journal of Political Economy 101, 678-709.
    • (1993) Journal of Political Economy , vol.101 , pp. 678-709
    • Holmstrom, B.1    Tirole, J.2
  • 24
    • 12344271751 scopus 로고    scopus 로고
    • Simple forecasts and paradigm shifts
    • NBER Working paper 10013
    • Hong, Harrison, and Jeremy C. Stein, 2003, Simple forecasts and paradigm shifts, NBER Working paper 10013.
    • (2003)
    • Hong, H.1    Stein, J.C.2
  • 27
    • 0001519332 scopus 로고
    • Time to build and aggregate fluctuations
    • Kydland, Finn, and Edward Prescott, 1982, Time to build and aggregate fluctuations, Econometrica 50, 1345-1370.
    • (1982) Econometrica , vol.50 , pp. 1345-1370
    • Kydland, F.1    Prescott, E.2
  • 28
    • 0001589077 scopus 로고
    • Repeated auctions of incentive contracts, investment, and bidding parity with an application to takeovers
    • Laffont, Jean-Jacques, and Jean Tirole, 1988, Repeated auctions of incentive contracts, investment, and bidding parity with an application to takeovers, Rand Journal of Economics 19, 516-537.
    • (1988) Rand Journal of Economics , vol.19 , pp. 516-537
    • Laffont, J.-J.1    Tirole, J.2
  • 29
    • 27544450102 scopus 로고    scopus 로고
    • CEO overconfidence and corporate investment
    • Malmendier, Ulrike, and Geoffrey Tate, 2005, CEO overconfidence and corporate investment, Journal of Finance 60, 2661-2700.
    • (2005) Journal of Finance , vol.60 , pp. 2661-2700
    • Malmendier, U.1    Tate, G.2
  • 30
    • 84939429904 scopus 로고
    • Dividend policy under information asymmetry
    • Miller, Merton H., and Kevin Rock, 1985, Dividend policy under information asymmetry, Journal of Finance 40, 1031-1051.
    • (1985) Journal of Finance , vol.40 , pp. 1031-1051
    • Miller, M.H.1    Rock, K.2
  • 33
    • 0000673016 scopus 로고
    • Managerial incentives for short-term results
    • Narayanan, M. P., 1985, Managerial incentives for short-term results, Journal of Finance 40, 1469-1484.
    • (1985) Journal of Finance , vol.40 , pp. 1469-1484
    • Narayanan, M.P.1
  • 34
    • 33847047998 scopus 로고    scopus 로고
    • The stock market and investment: A test of catering theory
    • Working paper, Northwestern University
    • Polk, Christopher, and Paola Sapienza, 2006, The stock market and investment: A test of catering theory, Working paper, Northwestern University .
    • (2006)
    • Polk, C.1    Sapienza, P.2
  • 35
    • 84960580339 scopus 로고
    • Why bank credit policies fluctuate: A theory and some evidence
    • Rajan, Raghuram, 1994, Why bank credit policies fluctuate: A theory and some evidence, Quarterly Journal of Economics 109, 399-442.
    • (1994) Quarterly Journal of Economics , vol.109 , pp. 399-442
    • Rajan, R.1
  • 37
    • 84960562707 scopus 로고
    • Efficient capital markets, inefficient firms: A model of myopic corporate behavior
    • Stein, Jeremy C., 1989, Efficient capital markets, inefficient firms: A model of myopic corporate behavior, Quarterly Journal of Economics 104, 655-669.
    • (1989) Quarterly Journal of Economics , vol.104 , pp. 655-669
    • Stein, J.C.1
  • 38
    • 0010104543 scopus 로고    scopus 로고
    • Rational capital budgeting in an irrational world
    • Stein, Jeremy C., 1996, Rational capital budgeting in an irrational world, Journal of Business 69, 429-455.
    • (1996) Journal of Business , vol.69 , pp. 429-455
    • Stein, J.C.1
  • 39
    • 0002661755 scopus 로고
    • A general equilibrium approach to monetary theory
    • Tobin, James, 1969, A general equilibrium approach to monetary theory, Journal of Money, Credit, and Banking 1, 15-29.
    • (1969) Journal of Money, Credit, and Banking , vol.1 , pp. 15-29
    • Tobin, J.1
  • 40
    • 0001261843 scopus 로고
    • Learning to believe in sunspots
    • Woodford, Michael, 1990, Learning to believe in sunspots, Econometrica 58, 277-307.
    • (1990) Econometrica , vol.58 , pp. 277-307
    • Woodford, M.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.