Cano Carlos, Jareño Francisco, Tolentino Marta
Department of Economic Analysis and Finance, University of Castilla-La Mancha Albacete, Spain.
Department of Economic Analysis and Finance, University of Castilla-La Mancha Ciudad Real, Spain.
Front Psychol. 2016 May 9;7:668. doi: 10.3389/fpsyg.2016.00668. eCollection 2016.
This paper analyzes investor behavior depending on the flow-through capability (FTC) in the US stock market, because investors seek protection from inflation rate changes, and the FTC (a firm's ability to transmit inflation shocks to the prices of its products and services) is a key factor in investment decisions. Our estimates of the FTC of firms listed on the US stock exchange at the sector level are significantly different among industries, and we demonstrate a direct relationship between changes in stock prices (at the sector level) and FTC. These results would be relevant because they have important implications on investor behavior.
本文分析了美国股票市场中投资者基于流通能力（FTC）的行为，因为投资者寻求抵御通货膨胀率变化的保护，而流通能力（企业将通胀冲击传导至其产品和服务价格的能力）是投资决策的关键因素。我们对在美国证券交易所上市的公司按行业部门层面的流通能力估计在不同行业间存在显著差异，并且我们证明了（行业部门层面的）股价变化与流通能力之间存在直接关系。这些结果具有相关性，因为它们对投资者行为具有重要影响。
