Feedback from stock prices to cash flows

被引：126

作者：

Subrahmanyam, A ^{[1
]}

Titman, S

机构：

[1] Univ Calif Los Angeles, Anderson Grad Sch Management, Los Angeles, CA 90024 USA

[2] Univ Texas, Coll Business Adm, Austin, TX 78712 USA

[3] Natl Bur Econ Res, Cambridge, MA 02138 USA

来源：

JOURNAL OF FINANCE | 2001年 / 56卷 / 06期

关键词：

D O I：

10.1111/0022-1082.00409

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Feedback from financial market prices to cash flows arises when a firm's non-financial stakeholders, for example, its customers, employees, and suppliers, make decisions that are contingent on the information revealed by the price. Complementarities across stakeholders result in cascades, wherein relatively small stock price moves trigger substantial changes in asset values. This paper analyzes the relation between such feedback effects and parameters such as the information cost, the volatility of existing projects, the risk aversion of liquidity suppliers, and the precision of managerial information.

引用

页码：2389 / 2413

页数：25

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