Impact of Asymmetric Information on the Investment Sensitivity to Stock Price and the Stock Price Sensitivity to Investment
نویسندگان
چکیده
منابع مشابه
Price Informativeness and Investment Sensitivity to Stock Price
The article shows that two measures of the amount of private information in stock price—price nonsynchronicity and probability of informed trading (PIN)—have a strong positive effect on the sensitivity of corporate investment to stock price. Moreover, the effect is robust to the inclusion of controls for managerial information and for other information-related variables. The results suggest tha...
متن کاملStock Price Sensitivity to Dividend Changes
This paper examines the stock price sensitivity to dividend changes. The Dividend Signaling, the Free-Cash-Flow, the Maturity and the Catering Hypotheses all predict an average positive (negative) reaction to announcement of a dividend increase (decrease). However, these hypotheses have different cross-sectional predictions. This paper documents that the positive stock price response to dividen...
متن کاملComplementarity of Passive and Active Investment on Stock Price Efficiency
I investigate the collective impact of passive and active investment on stock price efficiency using a quasi-natural experiment. I document an improvement in efficiency due to an exogenous increase in passive investment, specifically in stocks widely held by actively managed funds. These active funds are compensated with higher realized returns after an exogenous increase in passive investment....
متن کاملInvestigating the effect of stock price informativeness on labor investment efficiency
The Managerial learning hypothesis suggests that managers can learn the stock price informativeness of their stock company stock, which can help improve their decision-making efficiency. According to Managerial learning hypothesis, the stock price informativeness can affect the Labor investment efficiency, since stock prices contain valuable information that managers have about the company's fu...
متن کاملInvestigating the Effect of Business Strategy and Stock Price Synchronicity on Stock Price Crash Risk
Stock price crash risk has a significant impact on investors, creditors, managers, and shareholders, so the prediction of this phenomenon is a very important issue in investment and risk management decisions. This research investigates the effect of business strategy and stock price synchronicity on stock price crash risk. Following Bentley et al.[2], composite strategy score has been used to ...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Accounting and Finance in Emerging Economies
سال: 2016
ISSN: 2518-8488,2519-0318
DOI: 10.26710/jafee.v2i1.101