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Cited by 744

The DOI matches its Crossref record; 61 of the 61 references it cites were found in a registry or an index.

The Stock Market and Corporate Investment: A Test of Catering Theory

Polk, Christopher, Sapienza, Paola·2009·Review of Financial Studies
DOI 10.1093/rfs/hhn030
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Abstract

We test a catering theory describing how stock market mispricing might influence individual firms' investment decisions. We use discretionary accruals as our proxy for mispricing. We find a positive relation between abnormal investment and discretionary accruals; that abnormal investment is more sensitive to discretionary accruals for firms with higher R&D intensity (opaque firms) or share turnover (firms with shorter shareholder horizons); that firms with high abnormal investment subsequently have low stock returns; and that the larger the relative price premium, the stronger the abnormal return predictability. We show that patterns in abnormal returns are stronger for firms with higher R&D intensity or share turnover. The Author 2008. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oxfordjournals.org, Oxford University Press.

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Metadata

Authors
Polk, C., & Sapienza, P.
Venue
Review of Financial Studies
Publisher
Oxford University Press (OUP)
Published
2008-04-02
Volume
22
Issue
1
Pages
187-217
ISSN
  • 0893-9454 (ISSN-L)
  • 1465-7368
DOI
10.1093/rfs/hhn030
OpenAlex
W2032947759
Cited by
744
References
61
FWCI
54.82
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: The Stock Market and Corporate Investment: A Test of Catering Theory. https://app.cochat.ai/papers/10.1093/rfs/hhn030
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Polk, C., & Sapienza, P. (2009). The Stock Market and Corporate Investment: A Test of Catering Theory. Review of Financial Studies. https://doi.org/10.1093/rfs/hhn030

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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.