Noisy Stock Prices and Corporate Investment
研究发现企业会因同行股价的非基本面下跌而显著减少投资，原因是管理者难以过滤股价中的噪声，即使没有融资约束或代理问题，这种效应也会造成资本损失和股东财富减少。
Firms significantly reduce their investment in response to nonfundamental drops in the stock price of their product-market peers. We argue that this results stems from managers’ limited ability to filter out the noise in the stock prices when using them as signals about their investment opportunities. Ensuing losses of capital investment and shareholders’ wealth are economically large and even affect firms not facing severe financing constraints or agency problems. Our findings offer a novel perspective on how stock market inefficiencies can affect the real economy, even in the absence of financing or agency frictions.Received December 14, 2016; editorial decision July 30, 2018 by Editor Itay Goldstein. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.