Feedback Effects and Systematic Risk Exposures
研究了公司股价对投资的反馈效应，发现追求股价最大化的经理会将折现率波动视为项目净现值的信息，从而改变投资行为，且传统目标未必能最大化社会福利。
ABSTRACT We model the “feedback effect” of a firm's stock price on investment in projects exposed to a systematic risk factor, like climate risk. The stock price reflects information about both the project's cash flows and its discount rate. A cash‐flow‐maximizing manager treats discount rate fluctuations as “noise,” but a price‐maximizing manager interprets such variation as information about the project's net present value. This difference qualitatively changes how investment behavior varies with the project's risk exposure. Moreover, traditional objectives (e.g., cash flow or price maximization) need not maximize welfare because they do not correctly account for hedging and risk‐sharing benefits of investment.