haku: @author Amershi, A. H. / yhteensä: 3
viite: 2 / 3
| Tekijä: | Amershi, A. H. Sunder, S. |
| Otsikko: | Failure of stock prices to discipline managers in a rational expectations economy. |
| Lehti: | Journal of Accounting Research
1987 : AUTUMN, VOL. 25:2, p. 177-195 |
| Asiasana: | MANAGEMENT ACCOUNTING SHARE PRICES RATE OF RETURN DECISION MAKING COMPENSATION |
| Kieli: | eng |
| Tiivistelmä: | The authors of the paper demonstrate that even a strongly efficient stock market is not sufficient in itself to discipline managers holding incorrect beliefs about investors' behavior and their decision rules. Instead, the stock market may generate prices that reinforce these wrong beliefs. In these cases to discipline managers, other mechanisms (markets for managers, mergers and takeovers, financial press and education) have to be applied. These alternative mechanisms, however, may be slower than the stock market. |
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