Feedback From Stock Prices to Cash Flows  

Oleh:

Subrahmanyam, Avanidhar ; Titman, Sheridan

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 56 no. 6 (2001), page 2389-2414.
Topik: stock price; studies; feedback; stock prices; cash flow; correlation analysis; mathematical models
Fulltext: p 2389.pdf (200.45KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.4 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Feedback from financial market prices to cashflows 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 triggers 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.

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