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Does firm-specific information in stock prices guide capital allocation?
Durnev, Art; Morck, Randall; Yeung, Bernard - 2001
Persistent link: https://www.econbiz.de/10001547743
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R-Squared and the Economy
Morck, Randall - 2013
Many seemingly discordant results are reconciled if firm-specific return volatility is characterized as the intensity with which firm-specific events occur. A functionally efficient stock market allocates capital to its highest value uses, which often amounts to financing Schumpeterian creative...
Persistent link: https://www.econbiz.de/10013082425
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R-Squared and the Economy
Morck, Randall - 2013
A literature review demonstrates credible evidence linking higher firm-specific stock return volatility to a more efficient stock market on one hand; and to higher firm-specific fundamentals volatility on the other. These results are reconciled if (1) market efficiency is interpreted as...
Persistent link: https://www.econbiz.de/10013082794
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R-squared and the economy
Morck, Randall; Yeung, Bernard; Yu, Wayne - 2013
Persistent link: https://www.econbiz.de/10009745239
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R-squared and the Economy
Morck, Randall - 2013
Many seemingly discordant results are reconciled if firm-specific return volatility is characterized as the intensity with which firm-specific events occur. A functionally efficient stock market allocates capital to its highest value uses, which often amounts to financing Schumpeterian creative...
Persistent link: https://www.econbiz.de/10012459646
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Does Firm-specific Information in Stock Prices Guide Capital Allocation?
Durnev, Artyom - 2001
We show that firms in industries in which firm-specific stock price variation is larger use more external financing and … Markets Hypothesis, greater firm-specific stock price variation reflects higher intensity firm-specific information … capitalization in stock prices. We propose that higher firm-specific price variation may be an indicator of greater functional …
Persistent link: https://www.econbiz.de/10012470636
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Indexing and the Incorporation of Exogenous Information Shocks to Stock Prices
Morck, Randall; Yavuz, Mehmet Deniz - National Bureau of Economic Research - 2023
Savings increasingly flow to low-cost index funds, which simply buy and hold the stocks in a major index, such as the S&P 500. Increased indexing impedes incorporation of idiosyncratic information into stock prices. We limit endogeneity bias by showing that exogenous idiosyncratic currency...
Persistent link: https://www.econbiz.de/10014447296
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Anti-Corruption Reforms and Shareholder Valuations : Event Study Evidence from China
Lin, Chen - 2016
entertainment and travel costs (ETC), a proxy for investment in "connections", correlates negatively with the share price changes of …
Persistent link: https://www.econbiz.de/10012999448
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Anti-corruption reforms and shareholder valuations : event study evidence from China
Chen, Lin; Morck, Randall; Yeung, Bernard; Zhao, Xiaofeng - 2016
Persistent link: https://www.econbiz.de/10011449913
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Anti-Corruption Reforms and Shareholder Valuations : Event Study Evidence from China
Lin, Chen - 2016
Consistent with reduced expected corruption adding value overall, Chinese shares rise sharply on the December 4th 2012 launch of major anti-corruption reforms, which started by curtailing extravagant spending by or for Party cadres. SOEs gain broadly, consistent with the reform cutting their top...
Persistent link: https://www.econbiz.de/10012456672