We investigate the effect of tick size, a key feature of market microstructure, on managerial learning from stock prices. Using a randomized controlled tick-size experiment, the 2016 Tick Size Pilot Program, we find that a larger tick size increases a firm's investment sensitivity to stock prices, suggesting that managers glean more new information from stock prices to guide their investment decisions as the tick size increases. Consistently, we also find that changes in managerial beliefs, as reflected in adjustments of forecasted capital expenditures, respond more strongly to market feedback under a larger tick size. Additional evidence suggests the following mechanism through which tick size affects managerial learning: a larger tick size reduces algorithmic trading, in turn encouraging fundamental information acquisition. Increased fundamental information acquisition generates incremental information about growth opportunities, macroeconomic factors, and industry factors, with respect to which the market has a comparative information advantage over management.

我们调查了变动幅度（市场微观结构的一个关键特征）对股票价格管理学习的影响。使用随机控制的报价大小实验，即 2016 年报价大小试点计划，我们发现更大的报价大小会增加公司对股票价格的投资敏感性，这表明经理人可以从股票价格中收集更多新信息来指导他们的投资决策，因为报价尺寸增加。一致地，我们还发现，反映在预测资本支出调整中的管理信念的变化，在较大的变动幅度下对市场反馈的反应更为强烈。其他证据表明以下机制会影响管理学习：较大的报价会减少算法交易，进而鼓励获取基本信息。