Do investors forecast fat firms? Evidence from the gold‐mining industry
发现金矿公司股价对金价呈凹性，这与企业在富裕时积累“脂肪”（即成本膨胀）一致，挑战了传统成本最小化假设，对投资者和公司管理者有启示。
Conventional economic theory assumes that firms minimize costs given output, but news articles and managers indicate that firms cut costs when they are in economic distress and grow fat when they are relatively wealthy. Under conventional theory, firm value is convex in the price of a competitively supplied input or output, but we find that the stock values of many gold‐mining companies are concave in the price of gold. We show that this is consistent with fat accumulation when a firm grows wealthy. We then address alternative explanations and discuss where fat in these companies might reside.