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Investor Recognition and Stock Returns
dc.contributor.authorLehavy, Reuven
dc.contributorSloan, Richard G.
dc.date.accessioned2006-05-18T14:44:59Z
dc.date.available2006-05-18T14:44:59Z
dc.date.issued2005
dc.identifier1021en
dc.identifier.urihttps://hdl.handle.net/2027.42/39143
dc.description.abstractWe analyze the relation between investor recognition and stock returns. Consistent with Merton’s (1987) theoretical analysis, we show that (i) contemporaneous stock returns are positively related to changes in investor recognition, (ii) future stock returns are negatively related to changes in investor recognition, (iii) the above relations are stronger for stocks with greater idiosyncratic risk and (iv) corporate investment and financing activities are both positively related to changes in investor recognition. Our results demonstrate that investor recognition is an important determinant of both stock returns and real corporate activity.en
dc.format.extent1167881 bytes
dc.format.mimetypeapplication/pdf
dc.language.isoen_US
dc.publishern/aen
dc.subjectstock returnsen
dc.subject.classificationAccountingen
dc.titleInvestor Recognition and Stock Returnsen
dc.typeWorking Paperen_US
dc.subject.hlbsecondlevelEconomicsen_US
dc.subject.hlbtoplevelBusinessen_US
dc.contributor.affiliationumcampusAnn Arbor
dc.description.bitstreamurlhttp://deepblue.lib.umich.edu/bitstream/2027.42/39143/1/1021.pdfen_US
dc.owningcollnameBusiness, Stephen M. Ross School of - Working Papers Series


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