When Does the Market Matter? Stock Prices and the Investment of Equity-Dependent Firms
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We use a simple model of corporate investment to determine when investment will be sensitive to non-fundamental movements in stock prices. The key cross-sectional prediction of the model is that stock prices will have a stronger impact on the investment of firms that are 'equity dependent' - firms
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美国国家经济研究局创建时间：
2002-01-01
