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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/120407
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/120407


    Title: Investment Opportunities, Free Cash Flow and Stock Valuation Effects of Corporate Investments: The Case of Taiwanese Investments in China
    Authors: Chen, Sheng-Syan;Chung, Tsai-Yen;Chung, Ly-Inn
    陳聖賢
    Chen, Sheng-Syan
    Contributors: 財管系
    Keywords: cross-border investments;investment opportunities;free cash flow
    Date: 2001-06
    Issue Date: 2018-10-08 14:44:30 (UTC+8)
    Abstract: This paper examines the importance of investment opportunities and free cash flow in assessing the stock market reaction to announcements of cross-border investments in China by Taiwanese firms. Our results support the investment opportunities hypothesis that Taiwanese firms with favorable investment opportunities have significantly positive response to the announcements of their investments in China whereas firms with poor investment opportunities have negative response to such announcements. In contrast, we find no support for the free cash flow hypothesis. Our findings add to the understanding of the determinants of the wealth effect of cross-border investment decisions in the Asia-Pacific region.
    Relation: Review of Quantitative Finance and Accounting, Vol.16, No.4, pp.299-310
    Data Type: article
    Appears in Collections:[財務管理學系] 期刊論文

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