Growth versus Margins: Destabilizing Consequences of Giving the Stock Market What It Wants
建立模型分析企业如何在追求销售增长与提高利润率之间分配精力，发现当经理关注股价时，市场对增长指标的重视会促使企业选择增长策略，这种双向反馈导致实际变量过度波动。
ABSTRACT We develop a model in which a firm can devote effort either to increasing sales growth, or to improving per‐unit profit margins. If the firm's manager cares about the current stock price, she will favor the growth strategy when the market pays more attention to growth numbers. Conversely, it can be rational for the market to weight growth measures more heavily when it is known that the firm is following a growth strategy. This two‐way feedback between firms' strategies and the market's pricing rule can lead to excess volatility in real variables, even absent any external shocks.