The Price Elasticity of Demand for Common Stock
研究单个公司普通股的需求价格弹性，发现受监管公司发行新股公告会压低股价，且该下跌并非源于对未来现金流的负面信息，但弹性决定因素的分析尚无定论。
ABSTRACT We study the price elasticity of demand for the common stock of an individual corporation. Despite the prevelance of assumptions that demand is perfectly elastic, there is little if any direct evidence in the literature to either support or reject that contention. Consistent with the notion of finite price elasticities, we find that the announcement of primary stock offerings by regulated firms depresses their stock prices and little if any evidence that this decline is the result of adverse information about future cash flows. Attempts to relate offer announcement effects directly to possible determinants of price elasticities, however, are inconclusive.