Investment Plans and Stock Returns
نویسندگان
چکیده
منابع مشابه
Investment Plans and Stock Returns
When the discount rate falls, investment should rise. Thus with time-varying discount rates and instantly changing investment, investment should positively covary with current stock returns and negatively covary with future stock returns. Aggregate nonresidential U.S. investment contradicts both these implications, probably because of investment lags. Investment plans, however, satisfy both imp...
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ژورنال
عنوان ژورنال: The Journal of Finance
سال: 2000
ISSN: 0022-1082
DOI: 10.1111/0022-1082.00304