Market Feedback, Investment Constraints, and Managerial Behavior
作者： Paula Hill , David Hillier
DOI: 10.1111/J.1468-036X.2007.00434.X
关键词: Economics 、 Fixed price 、 Investment decisions 、 Investment opportunities 、 Investment (macroeconomics) 、 Monetary economics 、 Initial public offering 、 Term (time) 、 Sample (statistics) 、 Finance 、 Accounting 、 General Economics, Econometrics and Finance
摘要: This paper examines the joint role of market feedback and investment constraints on managerial behavior. Using a sample UK fixed price initial public offerings, we show that underperformance share returns at IPO significantly affects decisions in period after offering. Firms with better opportunities proportionately lower (higher intangible) assets are more sensitive to negative feedback. Over longer term, responsive firms perform than their non-responsive counterparts. The findings contribute debate informational advantage managers over investors present strong evidence market, aggregate, can provide superior assessment firm's opportunities. Managers who able respond improve future prospects.
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