股市需求冲击与企业反应

Demand Shocks in Equity Markets and Firm Responses Fernando Broner Juan J. Cortina Sergio L. Schmukler Tomas Williams Policy Research Working Paper 11315 Abstract This paper examines how shifts in investor demand influence firm financing and investment decisions. For identification, the paper exploits a large-scale MSCI methodo logical reform that mechanically redefined the stock weights in major international equity benchmark indexes, changing the portfolio allocation of 2,508 firms across 49 countries. Be ...