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حسابداری و مالی::
بازار سهام
Instead, the stock market prices the firm based on the public financial reports that the firm releases prior to each trading date.2 We distinguish between two different forms of accounting disclosures related to the two sources of uncertainty in our model: reports about the next period's capital stock and reports about one-period ahead operating cash flows.
Specifi- cally, since the stock market does not directly observe the firm's investments, it prices the firm based on its conjecture about the firm's investment choice and the firm's financial report of future capital stock.
We now turn to describing the sequence of events in each period and the information available to the stock market at each trading date.
jecture function Iˆt (Xt, Kt) such that (i) the stock market's conjecture is
Before describing our main results, it is useful to consider an additional benchmark setting in which the firm is owned by overlapping generations of investors, but the stock market directly observes the firm's investment
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2
اقتصاد::
بازار سهام
Thus by the mid-1930s there was a swing towards the regulation of stock markets, the introduction of employment standards, the beginnings of mod- ern welfare states and, eventually, the adoption of full employment policies.14 After the crises of the 1970s, the pendulum swung back towards market 'deregulation' (see chapters 8 and 9).
capitalism is more prevalent in continental Europe than in the stock market financial systems of the USA and the UK, where the enterprise is more 'liquid' - that is to say, is more easily bought and sold (on European family capitalism see James 2006).
By the mid-1970s, however, a combination of falling profits, inflation, global recession and even- tually a collapse of the stock market spurred money-capital interests to attempt to recover their lost dominance.
This shift was most apparent in the stock-market financial systems in the USA and the UK, where money-capital can more easily gain control of a publicly owned corporation through the purchase of its shares on the open stock market.
But, as we shall see, as stock market finance becomes more widespread, similar changes are also beginning to take place in those continental European economies where bank debt has hitherto been the main source of external finance (see Lane 2003).
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