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首页> 外文期刊>The Academy of Management Perspectives >Market Signals About Investment Decisions: Do Managers Listen?
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Market Signals About Investment Decisions: Do Managers Listen?

机译:关于投资决策的市场信号:经理们听吗?

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摘要

These days, as you flip through newspapers, it's pretty hard to miss negative headlines about corporations. Yet there is also some positive news out there. Indeed, there are plenty of headlines describing how merger and acquisition (M&A) activities have been positively received by the market. For instance, recent headlines about the potential merger talks between GM and Chrysler were followed by an uptick in GM stock prices. Overall, news headlines may be sending important signals about company prospects that managers should pay close attention to as they pursue major decisions about their corporate investments. But do managers really "listen" to such market signals? This is the question that James Kau and James Linck (both of the University of Georgia), along with Paul Rubin (Emory University), addressed in their recent study. Kau and his colleagues note that on November 20, 2000, the Wall Street Journal reported that Coca-Cola was in talks to acquire Quaker Oats. Shortly afterward, the market reacted negatively, sending Coke's shares down almost 8%.
机译:如今,当您翻阅报纸时,很难错过有关公司的负面新闻。然而,那里也有一些积极的消息。确实,有很多标题描述了市场如何积极地接受并购(M&A)活动。例如,最近关于通用汽车和克莱斯勒之间潜在合并谈判的头条新闻之后,通用汽车股价上涨。总体而言,新闻头条可能正在发出有关公司前景的重要信号,管理人员在做出有关公司投资的重大决策时应密切注意。但是,管理者真的会“听”这种市场信号吗?詹姆斯·考(James Kau)和詹姆斯·林克(James Linck)(都来自乔治亚大学),以及保罗·鲁宾(Paul Rubin)(埃默里大学(Emory University))在最近的研究中都解决了这个问题。 Kau及其同事指出,2000年11月20日,《华尔街日报》报道说,可口可乐正在就收购桂格燕麦公司进行谈判。此后不久,市场反应消极,使可口可乐的股价下跌了近8%。

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