Public Information and Efficient Capital Investments: Implications for the Cost of Capital and Firm Values
在一个标准金融经济学模型中，研究了关于公司和整体经济的公共信息改善如何影响资本投资配置，进而影响风险、风险溢价、利率、公司价格和资本成本，发现利率和风险溢价往往反向变动，且利率效应在决定公司价值和资本成本时通常占主导。
ABSTRACT In a standard financial economics model of asset pricing and value-maximizing firms, we show that better public information about firm-specific and economy-wide events affects the allocation of capital investments among firms and over time. The consequences for capital market outcomes, such as risk, risk premia, interest rates, firm prices, and the cost of capital, depend on investor preferences and whether improvements are to firm-specific or economy-wide information. We show that interest rates and risk premia tend to move in opposite directions and that the effects on interest rates often dominate the effects on risk premia in determining firm values and the cost of capital.