Cash Induced Demand
研究发现，现金并购、分红和股票回购产生的现金分配，类似于投资者资金流入，会创造对可投资资产的需求。基于共同基金按比例再投资构建的股票需求指标，能预测非现金支付股票的异常收益和发行量，揭示了股票价格波动的另一重要来源。
Abstract I show that cash distributions through cash mergers, dividend payments, and stock buybacks are, in principle, similar to investor fund flows in generating demand for investable assets. Abnormal returns on certain assets can be forecasted because delegated investors predictably reinvest cash returns toward certain holdings. Novel measures of stock-level demand constructed using proportional reinvestments by mutual funds predict abnormal returns and issuances in noncash-paying stocks. These results highlight an alternative and substantial source of price fluctuations in the cross section of equities.