메뉴 건너뛰기




Volumn 22, Issue 1, 2009, Pages 187-217

The stock market and corporate investment: A test of catering theory

Author keywords

[No Author keywords available]

Indexed keywords


EID: 84890365966     PISSN: 08939454     EISSN: 14657368     Source Type: Journal    
DOI: 10.1093/rfs/hhn030     Document Type: Review
Times cited : (483)

References (59)
  • 1
    • 0001543921 scopus 로고
    • The present value of profits and cyclical movements in investment
    • Abel, A., and O. Blanchard. 1986. The Present Value of Profits and Cyclical Movements in Investment. Econometrica 54:249-74.
    • (1986) Econometrica , vol.54 , pp. 249-274
    • Abel, A.1    Blanchard, O.2
  • 4
    • 0041360394 scopus 로고    scopus 로고
    • When does the market matter? Stock prices and the investment of equity-dependent firms
    • Baker, M., J. Stein, and J. Wurgler. 2003. When Does the Market Matter? Stock Prices and the Investment of Equity-Dependent Firms. Quarterly Journal of Economics 118(3):969-1005.
    • (2003) Quarterly Journal of Economics , vol.118 , Issue.3 , pp. 969-1005
    • Baker, M.1    Stein, J.2    Wurgler, J.3
  • 5
    • 0040435486 scopus 로고    scopus 로고
    • The equity share in new issues and aggregate stock returns
    • Baker, M., and J. Wurgler. 2000. The Equity Share in New Issues and Aggregate Stock Returns. Journal of Finance 55:2219-57.
    • (2000) Journal of Finance , vol.55 , pp. 2219-2257
    • Baker, M.1    Wurgler, J.2
  • 6
    • 0041672312 scopus 로고    scopus 로고
    • Market timing and capital structure
    • Baker, M., and J. Wurgler. 2002. Market Timing and Capital Structure. Journal of Finance 57:1-32.
    • (2002) Journal of Finance , vol.57 , pp. 1-32
    • Baker, M.1    Wurgler, J.2
  • 7
    • 2942716949 scopus 로고    scopus 로고
    • A catering theory of dividends
    • Baker, M., and J. Wurgler. 2004. A Catering Theory of Dividends. Journal of Finance 59:271-88.
    • (2004) Journal of Finance , vol.59 , pp. 271-288
    • Baker, M.1    Wurgler, J.2
  • 11
    • 0040807100 scopus 로고    scopus 로고
    • The stock market and investment in the new economy: Some tangible facts and intangible fictions
    • 2000
    • Bond, S., and J. Cummins. 2000. The Stock Market and Investment in the New Economy: Some Tangible Facts and Intangible Fictions. Brookings Papers on Economic Activity 2000(1), 61-124.
    • (2000) Brookings Papers on Economic Activity , Issue.1 , pp. 61-124
    • Bond, S.1    Cummins, J.2
  • 12
    • 0002624840 scopus 로고    scopus 로고
    • On persistence in mutual fund performance
    • Carhart, M. 1997. On Persistence in Mutual Fund Performance. Journal of Finance 52(1):57-82.
    • (1997) Journal of Finance , vol.52 , Issue.1 , pp. 57-82
    • Carhart, M.1
  • 14
    • 0007980134 scopus 로고    scopus 로고
    • Business fixed investment and "bubbles": The Japanese case
    • Chirinko, R., and H. Schaller. 2001. Business Fixed Investment and "Bubbles": The Japanese Case. American Economic Review 91:663-80.
    • (2001) American Economic Review , vol.91 , pp. 663-680
    • Chirinko, R.1    Schaller, H.2
  • 15
    • 84977708733 scopus 로고
    • Production-based asset pricing and the link between stock returns and economic fluctuations
    • Cochrane, J. 1991. Production-Based Asset Pricing and the Link Between Stock Returns and Economic Fluctuations. Journal of Finance 46:209-37.
    • (1991) Journal of Finance , vol.46 , pp. 209-237
    • Cochrane, J.1
  • 18
    • 12344288401 scopus 로고    scopus 로고
    • Managerial actions in response to a market downturn: Valuation effects of name changes in the Dot.com decline
    • Cooper, M. J., A. Khorana, I. Osobov, A. Patel, and P. R. Rau. 2005. Managerial Actions in Response to a Market Downturn: Valuation Effects of Name Changes in the Dot.com Decline. Journal of Corporate Finance 11:319-35
    • (2005) Journal of Corporate Finance , vol.11 , pp. 319-335
    • Cooper, M.J.1    Khorana, A.2    Osobov, I.3    Patel, A.4    Rau, P.R.5
  • 19
    • 0242680671 scopus 로고    scopus 로고
    • Technology, information production, and market efficiency
    • A Symposium Sponsored by The Federal Reserve Bank of Kansas City
    • D'Avolio, E. Gildor, and A. Shleifer. 2002. Technology, Information Production, and Market Efficiency, in Economic Policy For The Information Economy, A Symposium Sponsored by The Federal Reserve Bank of Kansas City.
    • (2002) Economic Policy for the Information Economy
    • D'Avolio, E.G.1    Shleifer, A.2
  • 20
    • 33746838431 scopus 로고    scopus 로고
    • Market reactions to tangible and intangible information
    • Daniel, K., and S. Titman. 2006. Market Reactions to Tangible and Intangible Information. Journal of Finance 61(4):1605-43.
    • (2006) Journal of Finance , vol.61 , Issue.4 , pp. 1605-1643
    • Daniel, K.1    Titman, S.2
  • 21
    • 0040517082 scopus 로고    scopus 로고
    • Stock market efficiency and economic efficiency: Is there a connection?
    • Dow, J., and G. Gorton. 1997. Stock Market Efficiency and Economic Efficiency: Is There a Connection? Journal of Finance 52:1087-1129.
    • (1997) Journal of Finance , vol.52 , pp. 1087-1129
    • Dow, J.1    Gorton, G.2
  • 22
    • 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 108:1027-57.
    • (2000) Journal of Political Economy , vol.108 , pp. 1027-1057
    • Erickson, T.1    Whited, T.M.2
  • 23
    • 0036627536 scopus 로고    scopus 로고
    • Two-step GMM estimation of the errors-in-variables model using high-order moments
    • Erickson, T., and T. M. Whited. 2002. Two-step GMM Estimation of the Errors-in-variables Model Using High-order Moments. Econometric Theory 18:776-99.
    • (2002) Econometric Theory , vol.18 , pp. 776-799
    • Erickson, T.1    Whited, T.M.2
  • 24
    • 0000480869 scopus 로고
    • Efficient capital markets: A review of theory and empirical work
    • Fama, E. 1970. Efficient Capital Markets: A Review of Theory and Empirical Work. Journal of Finance 25:383-423.
    • (1970) Journal of Finance , vol.25 , pp. 383-423
    • Fama, E.1
  • 25
    • 38549147867 scopus 로고
    • Common risk factors in the returns on stocks and bonds
    • Fama, E., and K. French. 1993. Common Risk Factors in the Returns on Stocks and Bonds. Journal of Financial Economics 33:3-56.
    • (1993) Journal of Financial Economics , vol.33 , pp. 3-56
    • Fama, E.1    French, K.2
  • 26
    • 0040805996 scopus 로고    scopus 로고
    • Forecasting profitability and earnings
    • Fama, E., and K. French. 2000. Forecasting Profitability and Earnings. Journal of Business 72:161-75.
    • (2000) Journal of Business , vol.72 , pp. 161-175
    • Fama, E.1    French, K.2
  • 27
    • 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 281:607-36.
    • (1973) Journal of Political Economy , vol.281 , pp. 607-636
    • Fama, E.1    MacBeth, J.2
  • 29
    • 15344343445 scopus 로고    scopus 로고
    • Shareholder investment horizons and the market for corporate control
    • Gaspar, J. M., M. Massa, and P. Matos. 2005. Shareholder Investment Horizons and the Market for Corporate Control. Journal of Financial Economics 76(1):135-65.
    • (2005) Journal of Financial Economics , vol.76 , Issue.1 , pp. 135-165
    • Gaspar, J.M.1    Massa, M.2    Matos, P.3
  • 32
    • 0000985680 scopus 로고
    • Did firms undertake debt-equity swaps for an accounting paper profit or true Financial gain?
    • Hand, J. 1990. Did Firms Undertake Debt-equity Swaps for an Accounting Paper Profit or True Financial Gain? The Accounting Review 64:587-623.
    • (1990) The Accounting Review , vol.64 , pp. 587-623
    • Hand, J.1
  • 33
    • 0036004049 scopus 로고    scopus 로고
    • Errors in estimating accruals: Implications for empirical research
    • Hribar, P., and D. Collins. 2002. Errors in Estimating Accruals: Implications for Empirical Research. Journal of Accounting Research 40:105-34.
    • (2002) Journal of Accounting Research , vol.40 , pp. 105-134
    • Hribar, P.1    Collins, D.2
  • 34
    • 16244375365 scopus 로고    scopus 로고
    • Working Paper No. 04-26, Harvard NOM; Finance Working Paper No. 39/2004, ECGI
    • Jensen, M. C. 2005. Agency Costs of Overvalued Equity. Working Paper No. 04-26, Harvard NOM; Finance Working Paper No. 39/2004, ECGI, available at http://ssrn. com/abstract=480421.
    • (2005) Agency Costs of Overvalued Equity
    • Jensen, M.C.1
  • 35
    • 0000862461 scopus 로고
    • Earnings management during import relief investigation
    • Jones, J. 1991. Earnings Management During Import Relief Investigation. Journal of Accouting Research 29:193-228.
    • (1991) Journal of Accouting Research , vol.29 , pp. 193-228
    • Jones, J.1
  • 36
    • 0001078792 scopus 로고    scopus 로고
    • Do financing constraints explain why investment is correlated with cash flow?
    • Kaplan, S., and L. Zingales. 1997. Do Financing Constraints Explain Why Investment is Correlated with Cash Flow? Quarterly Journal of Economics 112:168-216.
    • (1997) Quarterly Journal of Economics , vol.112 , pp. 168-216
    • Kaplan, S.1    Zingales, L.2
  • 37
    • 0039179709 scopus 로고    scopus 로고
    • Investment plans and stock returns
    • Lamont, O. 2000. Investment Plans and Stock Returns. Journal of Finance 55:2719-45.
    • (2000) Journal of Finance , vol.55 , pp. 2719-2745
    • Lamont, O.1
  • 38
    • 0002744905 scopus 로고
    • The distribution of incomes of corporations among dividends, retained earnings and taxes
    • Lintner, J. 1956. The Distribution of Incomes of Corporations among Dividends, Retained Earnings and Taxes. American Economic Review 46:97-113.
    • (1956) American Economic Review , vol.46 , pp. 97-113
    • Lintner, J.1
  • 39
    • 0030305177 scopus 로고    scopus 로고
    • Individuals' perceptions and misperceptions of the time series properties of quarterly earnings
    • Maines, L., and J. Hand. 1996. Individuals' Perceptions and Misperceptions of the Time Series Properties of Quarterly Earnings. The Accounting Review 71:317-36.
    • (1996) The Accounting Review , vol.71 , pp. 317-336
    • Maines, L.1    Hand, J.2
  • 40
    • 0001191203 scopus 로고
    • A new test of capital structure
    • Mayer, C. 1988. A New Test of Capital Structure. European Economic Review 32:1167-89.
    • (1988) European Economic Review , vol.32 , pp. 1167-1189
    • Mayer, C.1
  • 42
    • 0001699517 scopus 로고
    • Dividend policy, growth, and the valuation of shares
    • Miller, M., and F. Modigliani. 1961. Dividend policy, growth, and the valuation of shares. Journal of Business 34:411-33.
    • (1961) Journal of Business , vol.34 , pp. 411-433
    • Miller, M.1    Modigliani, F.2
  • 44
    • 0000706085 scopus 로고
    • A simple, positive semi-definite, heteroskedasticity and autocorrelation consistent covariance matrix
    • Newey, W. K., and K. D. West. 1987. A Simple, Positive Semi-Definite, Heteroskedasticity and Autocorrelation Consistent Covariance Matrix. Econometrica 55(3):703-08.
    • (1987) Econometrica , vol.55 , Issue.3 , pp. 703-708
    • Newey, W.K.1    West, K.D.2
  • 48
    • 84993839747 scopus 로고
    • What do We know about capital structure? Some evidence from international data
    • Rajan, R., and L. Zingales. 1995. What Do We Know about Capital Structure? Some Evidence from International Data. Journal of Finance 50:1421-60.
    • (1995) Journal of Finance , vol.50 , pp. 1421-1460
    • Rajan, R.1    Zingales, L.2
  • 52
    • 0030305172 scopus 로고    scopus 로고
    • Do stock prices fully reflect information in accruals and cash flows about future earnings?
    • Sloan, R. 1996. Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings? The Accounting Review 71:289-315.
    • (1996) The Accounting Review , vol.71 , pp. 289-315
    • Sloan, R.1
  • 54
    • 84934564015 scopus 로고
    • Takeover threats and managerial myopia
    • Stein, J. 1988. Takeover Threats and Managerial Myopia. Journal of Political Economy 96:61-80.
    • (1988) Journal of Political Economy , vol.96 , pp. 61-80
    • Stein, J.1
  • 55
    • 0010104543 scopus 로고    scopus 로고
    • Rational capital budgeting in an irrational world
    • Stein, J. 1996. Rational Capital Budgeting in an Irrational World. Journal of Business 69:429-55.
    • (1996) Journal of Business , vol.69 , pp. 429-455
    • Stein, J.1
  • 56
    • 66049156972 scopus 로고    scopus 로고
    • Agency, information and corporate investment
    • G. Constantinides, M. Harris, and R. Stulz eds, New York: Elsevier/North-Holland
    • Stein, J. 2003. Agency, Information and Corporate Investment, in G. Constantinides, M. Harris, and R. Stulz (eds), The Handbook of the Economics of Finance. New York: Elsevier/North-Holland, pp. 111-65.
    • (2003) The Handbook of the Economics of Finance , pp. 111-165
    • Stein, J.1
  • 57
    • 0000370948 scopus 로고    scopus 로고
    • Earnings management and the long-term market performance of initial public offerings
    • Teoh, S. H., I. Welch, and T. J. Wong. 1998a. Earnings Management and the Long-term Market Performance of Initial Public Offerings. Journal of Finance 53:1935-74.
    • (1998) Journal of Finance , vol.53 , pp. 1935-1974
    • Teoh, S.H.1    Welch, I.2    Wong, T.J.3
  • 58
    • 0000545801 scopus 로고    scopus 로고
    • Earnings management and the underperformance of seasoned equity offerings
    • Teoh, S. H., I. Welch, and T. J. Wong. 1998b. Earnings Management and the Underperformance of Seasoned Equity Offerings. Journal of Financial Economics 50:63-99.
    • (1998) Journal of Financial Economics , vol.50 , pp. 63-99
    • Teoh, S.H.1    Welch, I.2    Wong, T.J.3


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.