Corporate investment and stock market valuation
研究了企业投资与股票市场估值正相关背后的驱动因素，发现管理层股权激励和投资信息含量会增强利用投资提升估值的倾向，对理解企业投资行为和市场定价有参考价值。
Abstract We study the driving forces behind the positive association observed between corporate investment and stock market valuation, and how they interact with managerial equity incentives and informativeness of investment. We build a dynamic model where managers use investment choices to influence investors' opinions about firms' future prospects and increase the market valuation. The incentives to manipulate the valuation processes increase with managerial equity incentives and informativeness of investment. Our empirical findings support the model's predictions that the tendency of using investment to boost market valuation is stronger when managerial stock ownership is high or when earnings quality is low (i.e., there is strong reliance on investment for information).