Institutional cross-ownership of peer firms and investment sensitivity to stock price
Theory suggests that stock price guides managers in corporate decisions as managers learn from price. We reason that cross-ownership lowers information processing costs and increases industry specialization, improving revelatory price efficiency (Bond, Edmans, and Goldstein 2012). Consistent with ou...
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Main Authors: | CHO, Young Jun, YANG, Holly I. |
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Format: | text |
Language: | English |
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Institutional Knowledge at Singapore Management University
2022
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Online Access: | https://ink.library.smu.edu.sg/soa_research/1999 https://ink.library.smu.edu.sg/context/soa_research/article/3026/viewcontent/SSRN_id3682404.pdf |
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Institution: | Singapore Management University |
Language: | English |
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