Using a multi-country sample of stocks, the sensitivity of investment to stock price informativeness is assessed. Consistent with prior research, we find a positive association between investment and stock prices. This association becomes stronger when prices are more informative. However, while measures of price informativeness related to the amount of (market-based) private information conveyed by prices heighten the investment-to-stock price sensitivity, others, akin to the weak form of the efficient market hypothesis, hardly affect it. This is consistent with only revelatory private information acquired by traders influencing managers’ investment decisions. The relevance of private information revealed in secondary markets also extends to financing decisions, with price informativeness also shaping the association between external financing and growth opportunities. Not least importantly, we show that abnormal investment generated by the amount of private information contained in prices fosters future profitability and aggregate efficiency. In robustness tests, the presence of a causal relationship flowing from price informativeness to (abnormal) investment rates is appraised. Using two quasi-random events that enhanced the information environment of stocks (MSCI ACWI reconstitutions and the passing of JGTRRA in 2003), we present evidence that exogenous variation of the amount of private information contained in stock prices affects investment rates.

使用多国股票样本，评估了投资对股票价格信息的敏感性。与先前的研究一致，我们发现投资与股价之间存在正相关。当价格更具信息性时，这种关联性会增强。但是，尽管与价格传达的（基于市场的）私人信息的数量有关的价格信息性度量提高了对股票价格的敏感度，但类似于有效市场假说的弱形式的其他度量，几乎不会对其产生影响。这仅与交易者获得的具有启示性的私人信息有关，这些信息会影响经理的投资决策。在二级市场上披露的私人信息的相关性还扩展到融资决策，价格信息化也塑造了外部融资与增长机会之间的联系。最重要的是，我们表明，价格中包含的私人信息量所产生的异常投资会促进未来的获利能力和总体效率。在稳健性测试中，评估了从价格信息到（异常）投资率的因果关系的存在。通过使用两个增强股票信息环境的准随机事件（MSCI ACWI重组和JGTRRA于2003年通过），我们提供了证据表明股票价格中包含的私人信息量的外生变化会影响投资率。我们表明，价格中包含的私人信息量所产生的异常投资会促进未来的获利能力和总体效率。在健壮性测试中，评估了从价格信息流向（异常）投资率的因果关系的存在。通过使用两个增强股票信息环境的准随机事件（MSCI ACWI重组和JGTRRA于2003年通过），我们提供了证据表明股票价格中包含的私人信息量的外生变化会影响投资率。我们表明，价格中包含的私人信息量所产生的异常投资会促进未来的获利能力和总体效率。在稳健性测试中，评估了从价格信息到（异常）投资率的因果关系的存在。通过使用两个增强股票信息环境的准随机事件（MSCI ACWI重组和JGTRRA于2003年通过），我们提供了证据表明股票价格中包含的私人信息量的外生变化会影响投资率。