Feedback from Stock Prices to Cash Flows
分析股票价格如何通过影响客户、员工等非金融利益相关者的决策，进而改变公司现金流，并探讨信息成本、项目波动性等参数对这种反馈效应的影响。
ABSTRACT Feedback from financial market prices to cash flows arises when a firm's nonfinancial stakeholders, for example, its customers, employees, and suppliers, make decisions that are contingent on the information revealed by the price. Complementarities across stakeholders result in cascades, wherein relatively small stock price moves trigger substantial changes in asset values. This paper analyzes the relation between such feedback effects and parameters such as the information cost, the volatility of existing projects, the risk aversion of liquidity suppliers, and the precision of managerial information.