Using Capital Markets as Market Intelligence: Evidence from the Pharmaceutical Industry
نویسندگان
چکیده
منابع مشابه
Using Capital Markets as Market Intelligence: Evidence from the Pharmaceutical Industry
F theory posits that capital markets convey through stock prices their expectation of the firm’s future performance. We use concepts from principal-agent theory and prospect theory to provide a theoretical explanation for the role stock price variation plays in managerial decision making. We then empirically investigate what specific decisions managers undertake in response to stock price varia...
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ژورنال
عنوان ژورنال: Management Science
سال: 2005
ISSN: 0025-1909,1526-5501
DOI: 10.1287/mnsc.1050.0401