Cash Induced Demand
نویسندگان
چکیده
Abstract I show that cash distributions through mergers, dividend payments, and stock buybacks are, in principle, similar to investor fund flows generating demand for investable assets. Abnormal returns on certain assets can be forecasted because delegated investors predictably reinvest toward holdings. Novel measures of stock-level constructed using proportional reinvestments by mutual funds predict abnormal issuances noncash-paying stocks. These results highlight an alternative substantial source price fluctuations the cross section equities.
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ژورنال
عنوان ژورنال: Journal of Financial and Quantitative Analysis
سال: 2022
ISSN: ['1756-6916', '0022-1090']
DOI: https://doi.org/10.1017/s0022109022001454