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BEGIN:VEVENT
UID:69fe38fdffab7db862c767f20caa6747
CATEGORIES:Seminars
CREATED:20170418T174237
SUMMARY:Lunch Seminar: Adrien Matray - Princeton University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Ripple Effects of Noise on Corporate Investment (joint with Olivier Dessain
 t, Thierry Foucault and Laurent Frésard)\nAbstract:\n Firms reduce investme
 nt in response to non-fundamental drops in the stock price of their product
 -market peers, as predicted by a model in which managers rely on stock pric
 es as a source of information but cannot perfectly filter out noise in pric
 es. The model also implies the response of investment to noise in peers’ st
 ock prices should be stronger when these prices are more informative, and w
 eaker when managers are better informed. We find support for these predicti
 ons. Overall, our results highlight a new channel through which non-fundame
 ntal shocks to the stock prices of some firms influence real decisions of o
 ther firms.\n
DTSTAMP:20260407T103353Z
DTSTART:20160616T130000Z
DTEND:20160616T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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