Abstract
dc:description.abstractThis dissertation provides evidence that a firm's stock price movements affect its customer demand. I develop a model in which customers learn about a firm's product quality partially from its stock price. This learning induces feedback from the price to customer demand. Furthermore, the firm manager adjusts product launch decisions in anticipation of these demand shifts. Consistent with the model's implications, I find that non-fundamental price declines due to mutual fund redemptions reduce sales and online customer interest. This depressed demand is accompanied by a lower probability of product launches. My findings underscore the real effects of financial market prices.
Degree
thesis:*- Name thesis:degree_name
- Doctor of Philosophy
- Level thesis:degree_level
- Doctoral
- Discipline thesis:degree_discipline
- Finance
- Grantor
- The University of Texas at Austin
- Year dc:date.issued
- 2017
Author and committee
dc:creator, dc:contributor.*- Author dc:creator
-
- Sun, Yue, Ph. D.
- Advisor dc:contributor.advisor
-
- Starks, Laura T.
- Committee members dc:contributor.committeemember
-
- Alti, Aydogan
- Fracassi, Cesare
- Sockin, Michael
- Abrevaya, Jason
Subjects
dc:subject × 4Rights
- Language dc:language.iso
- en
Identifiers
dc:identifier.*- Identifier
- doi:10.15781/T2RV0D624
- OAI identifier oai:identifier
- oai:repositories.lib.utexas.edu:2152/47292