FISHMAN, MICHAEL J.; HAGERTY, KATHLEEN M. - In: Journal of Finance 44 (1989) 3, pp. 633-646
type="main" xml:lang="en" <title type="main">ABSTRACT</title> <p>This paper develops a model of the relationship between investment decisions by firms and the efficiency of the market prices of their securities. It is shown that more efficient security prices can lead to more efficient investment decisions. This provides...</p>