Value‐Enhancing Capital Budgeting and Firm‐specific Stock Return Variation
发现公司投资的经济效率与股票收益中公司特有变动幅度呈正相关，支持了股票价格信息含量促进投资效率的观点。
ABSTRACT We document a robust cross‐sectional positive association across industries between a measure of the economic efficiency of corporate investment and the magnitude of firm‐specific variation in stock returns. This finding is interesting for two reasons, neither of which is a priori obvious. First, it adds further support to the view that firm‐specific return variation gauges the extent to which information about the firm is quickly and accurately reflected in share prices. Second, it can be interpreted as evidence that more informative stock prices facilitate more efficient corporate investment.