Slow-moving capital and stock returns
研究了股票市场中资本配置延迟和短期交易激励对回报的影响，发现资本惯性使夏普比率和波动率远高于无延迟情形，且股价出现短期过度反应。
This paper studies the effects that delay in capital allocations in the stock market and high short-term trading incentives have on returns of this market. We report that capital inertia makes the Sharpe ratio and the volatility of the stock returns many times higher than in an economy with no capital delays. Furthermore, in agreement with empirical literature, the stock price displays short-term overreaction and high volatility of the conditional Sharpe ratio.