MANAGERIAL LEARNING THROUGH CUSTOMER–SUPPLIER LINKS

Kathleen P. Fuller and Serhat Yildiz

Journal of Financial Research, 2018, vol. 41, issue 4, 507-533

Abstract: We provide empirical evidence that supplier firms’ managers learn new information from their customers’ stock prices when they make investment, long‐term financing, short‐term financing, and dividend decisions. Our findings provide novel empirical evidence that the stock market has real effects on the economy through customer–supplier links. Our results indicate that managerial learning is not confined to peers’ or firms’ own stock prices but is a more comprehensive process that includes cross‐industry learning. Furthermore, managerial learning is not limited to investment decisions but is also present in long‐term financing, short‐term financing, and dividend decisions.

Date: 2018
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