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Catering Through Nominal Share Prices
Baker, Malcolm - 2008
We propose and test a catering theory of nominal stock prices. The theory predicts that when investors place higher valuations on low-price firms, managers will maintain share prices at lower levels, and vice-versa. Using measures of time-varying catering incentives based on valuation ratios,...
Persistent link: https://www.econbiz.de/10012464885
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The Stock Market and Investment : Evidence from FDI Flows
Baker, Malcolm - 2004
Foreign direct investment offers a rich laboratory in which to study the broader economic effects of securities market …
Persistent link: https://www.econbiz.de/10012468134
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When Does the Market Matter? Stock Prices and the Investment of Equity-Dependent Firms
Baker, Malcolm - 2002
We use a simple model of corporate investment to determine when investment will be sensitive to non … the investment of firms that are 'equity dependent' - firms that need external equity to finance their marginal … prediction. In particular, firms that rank in the top quintile of the KZ index have investment that is almost three times as …
Persistent link: https://www.econbiz.de/10012469965