When Managers Cover Their Posteriors: Making the Decisions the Market Wants to See
研究管理者为迎合股价而忽视自身信息、做出市场偏好的决策，并与利润最大化下的羊群行为比较，发现前者导致信息利用效率更低。
The stock market has opinions as to what choices firms should make. We show that concern for current share prices may lead managers to make these choices rather than those suggested by their own superior information. Even when arbitrarily many privately informed firms have to make a similar decision, the market's "prejudices" may still prevail. We compare the distortions that arise from share-price maximization with those due to herd behavior among profit-maximizing firms, and show that the former results in strictly less efficient use of information.