“Noisy Stock Prices and Corporate Investment” with Olivier Dessaint, Laurent Frésard, and Adrien Matray. Review of Financial Studies.
- Shows that non fundamental shocks to firms’ stock prices affects corporate investment because managers use stock prices a signals and have limited ability to filter out the noise in these signals
- Advance Access at the Review of Financial Studies, Latest draft available (SSRN). On-line Appendix, Slides, Vox article on our paper
“Corporate Strategy, conformism, and the stock market” with Laurent Frésard. Review of Financial Studies.
- Predicts and find evidence that firms are more likely to imitate their peers when they rely on stock prices as a source of information.
- Published version. Latest draft available (SSRN), Slides, On-line appendix, Vox article on our paper
“Learning from Peers’ stock prices and corporate investment”, with Laurent Fresard, Journal of Financial Economics 111, 554-577, 2014.
“Cross-listings, Investment-to-Price Sensitivity and the Learning Hypothesis”, with Laurent Fresard,Review of Financial Studies, 25, 3305-3350; 2012.
“Cross-Listing, Stock Price Informativeness and Investment Decisions”, with Thomas Gehrig, Journal of Financial Economics, 88, 146-168; 2008.
“Liquidity, cost of capital and the organization of trading in stock markets“, Revue d’Economie Financière, 2006 (special issue on “the future of financial exchanges”).
Thierry Foucault 