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OECD Economic Studies No. 20, Spring 1993 THE STOCK MARKET AND INVESTMENT Warren Tease CONTENTS Introduction .. 1. 11. The behaviour of equity prices .. Investment and share .. A. Theoretical considerations .. B. Empirical evidence .. i) Incremental explanatory power .. iii) Event analysis .. ii) A decomposition of the explanatory power of stock returns.. 111. Conclusions .. 42 43 47 47 52 52 55 56 58 Bibliography .. 60 The author is Senior Economist (Business Finance) in the Economic Analysis Department of the Reserve Bank of Australia. This paper was prepared while he was an administrator in the Money and Finance Division of the OECD. He would like to thank Paul Atkinson, John P. Martin, Giuseppe Nicoletti, Paul Francis OBrien, Jeffrey Shafer, Hiromichi Shirakawa and Peter Sturrn for thoughtful comments on an earlier drafl of the paper. Efficient statistical assistance was provided by Laure Meuro and secretarial assistance by Andrea Prowse.
INTRODUCTION The stock market has an important role in the allocation of resources, both directly as a source of funds and as a determinant of firms' value and borrowing capacity.
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