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Fundamental Stock Price and Investment
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Rhee, Changyong | - |
dc.contributor.author | Rhee, Wooheon | - |
dc.date.accessioned | 2009-01-20T05:52:44Z | - |
dc.date.available | 2009-01-20T05:52:44Z | - |
dc.date.issued | 1995-07 | - |
dc.identifier.citation | Seoul Journal of Economics, Vol.8 No.3, pp. 331-346 | - |
dc.identifier.issn | 1225-0279 | - |
dc.identifier.uri | https://hdl.handle.net/10371/1065 | - |
dc.description.abstract | This paper examines the issue of whether a firm's investment decisions respond more to market fundamentals than to bubbles. Using firm level data from COMPUSTAT, we design various proxies for market fundamentals based on (i) the dividend approach, (ii) the dividend smoothing approach, and (iii) the earnings approach. From the aggregated micro data, we find that business investment responds more to market fundamentals than to bubbles. On the other hand, results from the panel regressions are inconclusive since most of the explanatory power of the investment regression is derived from the individual firm specific effect. | - |
dc.language.iso | en | - |
dc.publisher | Institute of Economic Research, Seoul National University | - |
dc.subject | COMPUSTAT | - |
dc.subject | micro data | - |
dc.subject | market fundamentals | - |
dc.title | Fundamental Stock Price and Investment | - |
dc.type | SNU Journal | - |
dc.contributor.AlternativeAuthor | 이창용 | - |
dc.contributor.AlternativeAuthor | 이우헌 | - |
dc.citation.journaltitle | Seoul Journal of Economics | - |
dc.citation.endpage | 346 | - |
dc.citation.number | 3 | - |
dc.citation.pages | 331-346 | - |
dc.citation.startpage | 331 | - |
dc.citation.volume | 8 | - |
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