Registry › XF-KY7BTVM-7
XF-KY7BTVM-7
Research / Academic Paper ACTIVE

Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior

Abstract Only — The full paper PDF is not available in the registry. This XFID was minted from the paper's title, authors, and year. Where available, an abstract is provided below; the link to the publisher's record is canonical.

Abstract

This paper develops a model of inefficient managerial behavior in the face of a rational stock market In an effort to mislead the market about their firms' worth, managers forsake good investments so as to boost current earnings. In equilibrium the market is efficient and is not fooled: it correctly conjectures that there will be earnings inflation, and adjusts for this in making inferences. Nonetheless, managers, who take the market's conjectures as fixed, continue to behave myopically. The model is useful in assessing evidence that has been presented in che “myopia” debate. It also yields some novel implications regarding firm structure and the limits of intergation.

Source: resolved

Document Metadata

Issuer
Oxford University Press (OUP)
Document Type
Research / Academic Paper
Publication Year
1989
Retrieved
5 May 2026
Source
Contact XFID for Access
Record ID
XFKY7BTVM7
Validation
Inferred by XFID

Topics

Agency TheoryCorporate Finance

Cited by (1)

Other RESEARCH documents in the registry that cite this work.

How to Cite This Record

Use the XFID in citations to create a stable, permanent reference that resolves to this registry entry regardless of the source URL.

Academic / report citation
Oxford University Press (OUP) (1989). Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior. XFID: XF-KY7BTVM-7. Retrieved from https://xframework.id/XFKY7BTVM7
Identifier only
XF-KY7BTVM-7