Biting the hand that fed it: Did the stock market boom of the late 1990s impede investment in manufacturing?

被引：0

作者：

Weller C.E. ^{[1
]}

Helppie B. ^{[2
]}

机构：

[1] Center for American Progress, Washington, D.C.

[2] Department of Economics, University of Michigan, Ann Arbor, MI

来源：

Journal of Economics and Finance | 2005年 / 29卷 / 3期

关键词：

Foreign Direct Investment; Stock Market; Coverage Ratio; Dividend Payout; Share Repurchase;

D O I：

10.1007/BF02761580

中图分类号：

学科分类号：

摘要：

The stock market increase in the 1990s may have diverted funds from fixed investments in manufacturing to other investments, such as share repurchases, and to firms with faster stock price gains. We find that overall investment remained lower than it could have been without the stock price appreciation. We also find that manufacturing investment was impeded by the developments in the stock market. Based on our results, the policy focus should be on offering incentives for corporate decision makers to prioritize productive investments over other uses of funds instead of means to entice lenders to increase lending to manufacturing firms.

引用

页码：359 / 381

页数：22