Investors’ rationality. An analysis of the investment policy implications on shares valuation

The investment policy is an important vehicle of growth for a company. Therefore, it should be one of the most important signals for investors on the capital market. We use the statistical analysis of the investors’ reactions to different patterns of investment policy to highlight their preference for an active investment policy and the changes induced by the financial crisis. By a comparative analysis of investors’ preferences with the information on the accounting-based performance recorded simultaneously and in the future economic exercise, we focus on the extent and limits of the investors’ rationality around the financial crisis.