| dc.description.abstract | This thesis sheds light on the question that whether the levels of information in stock
prices are strong indicators for the sensitivity of corporate investment. The author
tests the hypothesis by examining the relationship between firm specific return
variation and asset growth. Further robustness test is applied for its effect on ex-post
performance of firms. Using a large sample of firms listed on Ho Chi Minh Stock
Exchange since 2008 to 2016 and employing the similar method with Chen and
Goldstein (2007), the results indicate that price informativeness does not have impact
on investment sensitivity of firm. The main findings support Kelly (2014) while
inconsistent with Chen & Goldstein (2007).
Keywords: R2, price informativeness, investment sensitivity to price, firm specific
return variation | en_US |
