Flow-Induced Trading Pressure and Corporate Investment
研究发现，共同基金因流动性需求导致的卖出压力会减少企业的股票发行和投资，而买入压力则不会增加投资，但会增加股票发行。极端卖出压力使季度投资下降总资产的0.075个百分点，相当于样本平均季度投资的4.3%。
The impact of liquidity-motivated institutional trading on firms’ real decisions is not confined to periods of financial crisis. Firms subject to mutual fund flow-driven selling pressure reduce share issuance and investment, whereas firms experiencing buying pressure do not increase investment, although they issue more equity. Firms under extreme selling pressure cut quarterly investment by 0.075 percentage points of total assets, which is 4.3% of the average quarterly investment in our sample. We also find evidence that the effect is not attributed to managerial learning or catering incentives. Rather, flow-driven trading affects investment mainly through its impact on the financing cost.