Fed: Firm Investment And Price Informativeness

Firm Investment And Price Informativeness

Jan Schneemeier

Board of Governors of the Federal Reserve System

October 30, 2015

Abstract:

I investigate how the informational content of stock prices is affected by firm characteristics reflected in their capital investment decisions. Firms can base their investment decisions on private signals and stock price information. I show that the informational content of a firm’s stock price increases in the weight attached to private information....

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