메뉴 건너뛰기




Volumn 23, Issue 5, 2010, Pages 1941-1980

Which firms follow the market? An analysis of corporate investment decisions

Author keywords

[No Author keywords available]

Indexed keywords


EID: 77951214740     PISSN: 08939454     EISSN: 14657368     Source Type: Journal    
DOI: 10.1093/rfs/hhp115     Document Type: Article
Times cited : (260)

References (64)
  • 1
    • 0001320055 scopus 로고
    • A unified model of investment under uncertainty
    • Abel, A. B., and J. Eberly. 1994. A Unified Model of Investment under Uncertainty. American Economic Review 84:1369-1384
    • (1994) American Economic Review , vol.84 , pp. 1369-1384
    • Abel, A.B.1    Eberly, J.2
  • 2
    • 34548527528 scopus 로고    scopus 로고
    • Financial constraints, asset tangibility, and corporate investment
    • Almeida, H., and M. Campello. 2007. Financial Constraints, Asset Tangibility, and Corporate Investment. Review of Financial Studies 20:1429-1460
    • (2007) Review of Financial Studies , vol.20 , pp. 1429-1460
    • Almeida, H.1    Campello, M.2
  • 3
    • 33645087144 scopus 로고    scopus 로고
    • The cross-section of volatility and expected returns
    • Ang, A., R. J. Hodrick, Y. Xing, and X. Zhang. 2006. The Cross-Section of Volatility and Expected Returns. Journal of Finance 51:259-299
    • (2006) Journal of Finance , vol.51 , pp. 259-299
    • Ang, A.1    Hodrick, R.J.2    Xing, Y.3    Zhang, X.4
  • 4
    • 58049206656 scopus 로고    scopus 로고
    • High idiosyncratic volatility and low returns: International and further U.S. evidence
    • ---. 2009. High Idiosyncratic Volatility and Low Returns: International and Further U.S. Evidence. Journal of Financial Economics 91:1-23.
    • (2009) Journal of Financial Economics , vol.91 , pp. 1-23
  • 5
    • 34247263186 scopus 로고    scopus 로고
    • Corporate financing decisions when investors take the path of least resistance
    • Baker, M. P., J. Coval, and J. C. Stein. 2007. Corporate Financing Decisions When Investors Take the Path of Least Resistance. Journal of Financial Economics 84:266-298
    • (2007) Journal of Financial Economics , vol.84 , pp. 266-298
    • Baker, M.P.1    Coval, J.2    Stein, J.C.3
  • 6
    • 84892691037 scopus 로고    scopus 로고
    • Multinationals as arbitrageurs? Stock market valuations and foreign direct investment
    • Baker, M. P., C. F. Foley, and J. Wurgler. 2009. Multinationals as Arbitrageurs? Stock Market Valuations and Foreign Direct Investment. Review of Financial Studies 22:337-369
    • (2009) Review of Financial Studies , vol.22 , pp. 337-369
    • Baker, M.P.1    Foley, C.F.2    Wurgler, J.3
  • 7
    • 0041360394 scopus 로고    scopus 로고
    • When does the market matter? Stock prices and the investment of equity dependent firms
    • Baker, M. P., J. C. Stein, and J. Wurgler. 2003. When Does the Market Matter? Stock Prices and the Investment of Equity Dependent Firms. Quarterly Journal of Economics 118:969-1006.
    • (2003) Quarterly Journal of Economics , vol.118 , pp. 969-1006
    • Baker, M.P.1    Stein, J.C.2    Wurgler, J.3
  • 11
    • 21344471024 scopus 로고    scopus 로고
    • A simple measure of price adjustment coefficients: A correction
    • Brisley, N., and M. Theobald. 1996. A Simple Measure of Price Adjustment Coefficients: A Correction. Journal of Finance 51:381-382
    • (1996) Journal of Finance , vol.51 , pp. 381-382
    • Brisley, N.1    Theobald, M.2
  • 12
    • 0000898092 scopus 로고    scopus 로고
    • Aggregate investment
    • J. B. Taylor and M. Woodford (eds.), Amsterdam: North Holland
    • Caballero, R. J. 1999. Aggregate Investment. In J. B. Taylor and M. Woodford (eds.), Handbook of Macroeconomics Vol. 1A. Amsterdam: North Holland.
    • (1999) Handbook of Macroeconomics , vol.1 A
    • Caballero, R.J.1
  • 13
    • 51749102179 scopus 로고    scopus 로고
    • How does financing impact investment? the role of debt covenants
    • Chava, S., and M. R. Roberts. 2008. How Does Financing Impact Investment? The Role of Debt Covenants. Journal of Finance 63:2085-2121
    • (2008) Journal of Finance , vol.63 , pp. 2085-2121
    • Chava, S.1    Roberts, M.R.2
  • 14
    • 77955618035 scopus 로고    scopus 로고
    • Price informativeness and investment sensitivity to stock price
    • Chen, Q., I. Goldstein, and W. Jiang. 2007. Price Informativeness and Investment Sensitivity to Stock Price. Review of Financial Studies 20:619-650
    • (2007) Review of Financial Studies , vol.20 , pp. 619-650
    • Chen, Q.1    Goldstein, I.2    Jiang, W.3
  • 15
    • 0030210947 scopus 로고    scopus 로고
    • Bubbles, fundamentals, and investment: A multiple equation testing strategy
    • Chirinko, R., and H. Schaller. 1996. Bubbles, Fundamentals, and Investment: AMultiple Equation Testing Strategy. Journal of Monetary Economics 38:47-76.
    • (1996) Journal of Monetary Economics , vol.38 , pp. 47-76
    • Chirinko, R.1    Schaller, H.2
  • 16
    • 0007980134 scopus 로고    scopus 로고
    • Business fixed investment and "bubbles": The Japanese case
    • ---. 2001. Business Fixed Investment and "Bubbles": The Japanese Case. American Economic Review. 91, 663-680
    • (2001) American Economic Review , vol.91 , pp. 663-680
  • 18
    • 0242676960 scopus 로고    scopus 로고
    • Financial frictions and investment: Requiem in Q
    • Cooper, R., and J. Ejarque. 2003. Financial Frictions and Investment: Requiem in Q. Review of Economic Dynamics 6:710-728
    • (2003) Review of Economic Dynamics , vol.6 , pp. 710-728
    • Cooper, R.1    Ejarque, J.2
  • 19
    • 84993907283 scopus 로고
    • A simple measure of price adjustment coefficients
    • Damodaran, A. 1993. A Simple Measure of Price Adjustment Coefficients. Journal of Finance 48:387-400.
    • (1993) Journal of Finance , vol.48 , pp. 387-400
    • Damodaran, A.1
  • 21
    • 0041669468 scopus 로고    scopus 로고
    • Differences of opinion and the cross-section of stock returns
    • Diether, K., C. Malloy, and A. Scherbina. 2002. Differences of Opinion and the Cross-Section of Stock Returns. Journal of Finance 57:2113-2141
    • (2002) Journal of Finance , vol.57 , pp. 2113-2141
    • Diether, K.1    Malloy, C.2    Scherbina, A.3
  • 22
    • 0040517082 scopus 로고    scopus 로고
    • Stock market efficiency and economic efficiency: Is there a connection?
    • Dow, J., and G. Gorton. 1997. StockMarket Efficiency and Economic Efficiency: Is There a Connection? Journal of Finance 52:1087-1129 (Pubitemid 127344959)
    • (1997) Journal of Finance , vol.52 , Issue.3 , pp. 1087-1129
    • Dow, J.1    Gorton, G.2
  • 25
    • 1642331944 scopus 로고    scopus 로고
    • Value enhancing capital budgeting and firm-specific stock return variation
    • Durnev, A., R. Morck, and B. Yeung. 2004. Value Enhancing Capital Budgeting and Firm-Specific Stock Return Variation. Journal of Finance 59:65-105.
    • (2004) Journal of Finance , vol.59 , pp. 65-105
    • Durnev, A.1    Morck, R.2    Yeung, B.3
  • 26
    • 0039120737 scopus 로고    scopus 로고
    • Cream-skimming or profit-sharing? The curious role of purchased order flow
    • Easley, D., N. Kiefer, and M. O'Hara. 1996. Cream-Skimming or Profit-Sharing? The Curious Role of Purchased Order Flow. Journal of Finance 51:811-833 (Pubitemid 126314167)
    • (1996) Journal of Finance , vol.51 , Issue.3 , pp. 811-833
    • Easley, D.1    Kiefer, N.M.2    O'Hara, M.3
  • 27
    • 0033652771 scopus 로고    scopus 로고
    • Measurement error and the relationship between investment and Q
    • Erickson, T., and T. M. Whited. 2000. Measurement Error and the Relationship between Investment and Q. Journal of Political Economy 108:1027-1057
    • (2000) Journal of Political Economy , vol.108 , pp. 1027-1057
    • Erickson, T.1    Whited, T.M.2
  • 28
    • 0036627536 scopus 로고    scopus 로고
    • Two-step GMM estimation of the errors-in-variables model using high-order moments
    • ---. 2002. Two-Step GMM Estimation of the Errors-in-Variables Model Using High-Order Moments. Econometric Theory 18:776-799
    • (2002) Econometric Theory , vol.18 , pp. 776-799
  • 29
    • 33750499715 scopus 로고    scopus 로고
    • On the accuracy of different measures of Q
    • ---. 2006. On the Accuracy of Different Measures of Q. Financial Management 35:5-33.
    • (2006) Financial Management , vol.35 , pp. 5-33
  • 30
    • 0000928969 scopus 로고
    • Risk, return, and equilibrium: Empirical tests
    • Fama, E., and J. MacBeth. 1973. Risk, Return, and Equilibrium: Empirical Tests. Journal of Political Economy 81:607-636
    • (1973) Journal of Political Economy , vol.81 , pp. 607-636
    • Fama, E.1    MacBeth, J.2
  • 34
    • 2442526582 scopus 로고    scopus 로고
    • Asset price shocks, financial constraints, and investment: Evidence from Japan
    • Goyal, V., and T. Yamada. 2004. Asset Price Shocks, Financial Constraints, and Investment: Evidence from Japan. Journal of Business 77:175-199
    • (2004) Journal of Business , vol.77 , pp. 175-199
    • Goyal, V.1    Yamada, T.2
  • 36
    • 0030363303 scopus 로고    scopus 로고
    • Bootstrap critical values for tests based on generalized-method-of-moment estimators
    • Hall, P., and Horowitz, J. L. 1996. Bootstrap Critical Values for Tests Based on Generalized-Method-of-Moment Estimators. Econometrica 64:891-916.
    • (1996) Econometrica , vol.64 , pp. 891-916
    • Hall, P.1    Horowitz, J.L.2
  • 37
    • 0000939170 scopus 로고
    • Tobin's marginal and average Q: A neoclassical interpretation
    • Hayashi, F. 1982. Tobin's Marginal and Average Q: A Neoclassical Interpretation. Econometrica 50:213-224
    • (1982) Econometrica , vol.50 , pp. 213-224
    • Hayashi, F.1
  • 38
    • 4344715459 scopus 로고    scopus 로고
    • Tobin's Q, debt overhang, and investment
    • Hennessy, C. A. 2004. Tobin's Q, Debt Overhang, and Investment. Journal of Finance 59:1717-1742
    • (2004) Journal of Finance , vol.59 , pp. 1717-1742
    • Hennessy, C.A.1
  • 39
    • 34547890741 scopus 로고    scopus 로고
    • How costly is external financing? Evidence from a structural estimation
    • Hennessy, C. A., and T. M. Whited. 2007. How Costly Is External Financing? Evidence from a Structural Estimation. Journal of Finance 62:1705-1745
    • (2007) Journal of Finance , vol.62 , pp. 1705-1745
    • Hennessy, C.A.1    Whited, T.M.2
  • 40
    • 0039372663 scopus 로고    scopus 로고
    • Bad news travels slowly: Size, analyst coverage, and the profitability of momentum strategies
    • Hong, H., T. Lim, and J. Stein. 2000. Bad News Travels Slowly: Size, Analyst Coverage, and the Profitability of Momentum Strategies. Journal of Finance 55:265-295
    • (2000) Journal of Finance , vol.55 , pp. 265-295
    • Hong, H.1    Lim, T.2    Stein, J.3
  • 41
    • 24044454681 scopus 로고    scopus 로고
    • Market frictions, price delay, and the cross-section of expected returns
    • Hou, K., and T. J. Moskowitz. 2005. Market Frictions, Price Delay, and the Cross-Section of Expected Returns. Review of Financial Studies 18:981-1020.
    • (2005) Review of Financial Studies , vol.18 , pp. 981-1020
    • Hou, K.1    Moskowitz, T.J.2
  • 42
    • 6344285031 scopus 로고    scopus 로고
    • Forecast dispersion and the cross-section of expected returns
    • Johnson, T. C. 2004. Forecast Dispersion and the Cross-Section of Expected Returns. Journal of Finance 59:1957-1978
    • (2004) Journal of Finance , vol.59 , pp. 1957-1978
    • Johnson, T.C.1
  • 43
    • 0003112060 scopus 로고    scopus 로고
    • Do investment-cash flow sensitivities provide useful measures of financing constraints?
    • Kaplan, S. N., and L. Zingales. 1997. Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? Quarterly Journal of Economics 112:169-215.
    • (1997) Quarterly Journal of Economics , vol.112 , pp. 169-215
    • Kaplan, S.N.1    Zingales, L.2
  • 45
    • 0001206095 scopus 로고
    • Consistent sets of estimates for regressions with errors in all variables
    • Klepper, S., and E. E. Leamer. 1984. Consistent Sets of Estimates for Regressions with Errors in All Variables. Econometrica 52:163-183
    • (1984) Econometrica , vol.52 , pp. 163-183
    • Klepper, S.1    Leamer, E.E.2
  • 46
    • 0030544384 scopus 로고    scopus 로고
    • The effect of uncertainty on investment: Some stylized facts
    • Leahy, J. V., and T. M. Whited. 1996. The Effect of Uncertainty on Investment: Some Stylized Facts. Journal of Money, Credit, and Banking 28:64-83.
    • (1996) Journal of Money, Credit, and Banking , vol.28 , pp. 64-83
    • Leahy, J.V.1    Whited, T.M.2
  • 47
    • 23944484941 scopus 로고    scopus 로고
    • Do insiders learn from outsiders? Evidence from mergers and acquisitions
    • Luo, Y., 2005. Do Insiders Learn from Outsiders? Evidence from Mergers and Acquisitions. Journal of Finance 60:1951-1982
    • (2005) Journal of Finance , vol.60 , pp. 1951-1982
    • Luo, Y.1
  • 50
    • 48549110620 scopus 로고
    • Corporate financing and investment decisions when firms have information that investors do not have
    • Myers, S. C., and N. S. Majluf. 1984. Corporate Financing and Investment Decisions When Firms Have Information that Investors Do Not Have. Journal of Financial Economics 13:187-221.
    • (1984) Journal of Financial Economics , vol.13 , pp. 187-221
    • Myers, S.C.1    Majluf, N.S.2
  • 53
    • 84892702170 scopus 로고    scopus 로고
    • Estimating standard errors in finance panel data sets: Comparing approaches
    • Petersen, M. A. 2009. Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches. Review of Financial Studies 22:435-480
    • (2009) Review of Financial Studies , vol.22 , pp. 435-480
    • Petersen, M.A.1
  • 54
    • 84890365966 scopus 로고    scopus 로고
    • The stockmarket and corporate investment: A test of catering theory
    • Polk, C., and P. Sapienza. 2009. The StockMarket and Corporate Investment: A Test of Catering Theory. Review of Financial Studies 22:187-217.
    • (2009) Review of Financial Studies , vol.22 , pp. 187-217
    • Polk, C.1    Sapienza, P.2
  • 55
    • 33644852658 scopus 로고    scopus 로고
    • Investment and financing constraints: Evidence from the funding of corporate pension plans
    • Rauh, J. D. 2006. Investment and Financing Constraints: Evidence from the Funding of Corporate Pension Plans. Journal of Finance 6:33-71.
    • (2006) Journal of Finance , vol.6 , pp. 33-71
    • Rauh, J.D.1
  • 57
    • 34248526334 scopus 로고    scopus 로고
    • The effect of body weight on adolescent academic performance
    • Sabia, J. J. 2007a. The Effect of Body Weight on Adolescent Academic Performance. Southern Economic Journal 73:871-900.
    • (2007) Southern Economic Journal , vol.73 , pp. 871-900
    • Sabia, J.J.1
  • 58
    • 34547857396 scopus 로고    scopus 로고
    • Early adolescent sex and diminished school attachment: Selection or spillovers?
    • ---. 2007b. Early Adolescent Sex and Diminished School Attachment: Selection or Spillovers? Southern Economic Journal 74:239-268
    • (2007) Southern Economic Journal , vol.74 , pp. 239-268
  • 59
    • 34548498627 scopus 로고    scopus 로고
    • Analyst disagreement, mispricing, and liquidity
    • Sadka, R., and A. Scherbina. 2007. Analyst Disagreement, Mispricing, and Liquidity. Journal of Finance 62:2367-2403
    • (2007) Journal of Finance , vol.62 , pp. 2367-2403
    • Sadka, R.1    Scherbina, A.2
  • 60
    • 0010104543 scopus 로고    scopus 로고
    • Rational capital budgeting in an irrational world
    • DOI 10.1086/209699
    • Stein, J. 1996. Rational Capital Budgeting in an Irrational World. Journal of Business 69:429-455 (Pubitemid 126314347)
    • (1996) Journal of Business , vol.69 , Issue.4 , pp. 429-455
    • Stein, J.C.1
  • 61
    • 0040531555 scopus 로고    scopus 로고
    • The going-public decision and the development of financial markets
    • Subrahmanyam, A., and S. Titman. 1999. The Going-Public Decision and the Development of Financial Markets. Journal of Finance 54:1045-1082
    • (1999) Journal of Finance , vol.54 , pp. 1045-1082
    • Subrahmanyam, A.1    Titman, S.2
  • 62
    • 0002742432 scopus 로고
    • Taxation and corporate investment: A Q-theoretic approach
    • Summers, L. H. 1981. Taxation and Corporate Investment: A Q-Theoretic Approach. Brookings Papers on Economics Activity 1:67-140.
    • (1981) Brookings Papers on Economics Activity , vol.1 , pp. 67-140
    • Summers, L.H.1
  • 63
    • 0000929051 scopus 로고    scopus 로고
    • Is it inefficient investment that causes the diversification discount?
    • Whited, T. M. 2001. Is It Inefficient Investment that Causes the Diversification Discount? Journal of Finance 56:1667-1692
    • (2001) Journal of Finance , vol.56 , pp. 1667-1692
    • Whited, T.M.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.