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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/117553
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/117553


    Title: Investment Opportunities, Free Cash Flow and Market Reaction to International Joint Ventures
    Authors: 陳聖賢
    Chen, Sheng-Syan
    Ho, Kim Wai
    Lee, Cheng-Few
    Yeo, Gillian H. H.
    Contributors: 財管系
    Keywords: International joint venturesInvestment opportunitiesFree cash flow
    Date: 2000
    Issue Date: 2018-06-11 17:26:51 (UTC+8)
    Abstract: This paper examines the role of investment opportunities and free cash flow in explaining the source of the wealth effect of international joint ventures. We document that firms with promising investment opportunities have significantly positive response to announcements of international joint venture investments, whereas firms with poor investment opportunities have unfavorable response to such announcements. In contrast, we find that free cash flow does not explain the cross-sectional differences in abnormal returns associated with the announcements of international joint ventures. Thus, our results show support for the investment opportunities hypothesis but no support for the free cash flow hypothesis. These findings hold even after controlling for other potential explanatory variables.
    Relation: Journal of Banking and Finance, Vol.24, No.11, pp.1747-1765
    Data Type: article
    DOI 連結: http://dx.doi.org/10.1016/S0378-4266(99)00103-X
    DOI: 10.1016/S0378-4266(99)00103-X
    Appears in Collections:[財務管理學系] 期刊論文

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