Value - Enhancing Capital Budgeting And Firm - Specific Stock Return Variation  

Oleh:

Yeung, Bernard ; Durnev, Art ; Morck, Randall

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 59 no. 1 (Feb. 2004), page 65-106.
Topik: capital budgeting; correlation analysis; stock prices; capital investments; return on investment; studies
Fulltext: p 65.pdf (241.1KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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We document a robust cross - sectional possitive association across industries between a measure of the economic efficiency of corporate investment and the magnitude of firm - specific vriation in stock returns. This finding is interesting for two reasons, neuther of which is a priori obvious. First, it adds further support to the view that firm - specific return variation gauges the extent to which information about the firm is quickly and accurately reflectred in shares prices. Second, it can be interpreted as evidence that more informative stock prices facilitate more efficient corporate investment.

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