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    題名: Market Reaction to Entry Timing of Corporate Capital Investment Announcement: Evidence from Announcement-Period Abnormal Returns and Analysts’ Earnings Forecast Revisions
    作者: 陳聖賢
    Chen, Sheng-Syan
    Su, Xuan-Qi
    貢獻者: 財管系
    關鍵詞: Capital investment;entry timing;earnings forecasts;revisions
    日期: 2010
    上傳時間: 2018-06-11 18:28:00 (UTC+8)
    摘要: The main purpose of this study is to investigate the relative advantages and disadvantages of first-mover hypotheses by examining the role of entry timing in the announcement effects of corporate capital investment. Our empirical results suggest that those firms first announcing their capital investment will experience greater share-price effects than the followers in the same industry. In addition, the financial analysts tend to revise upward their announcement-period earnings forecasts for those capital investment announcers, suggesting that announcements of capital investment convey positive information about the earnings prospects of the announcing firms. Furthermore, analysts' revisions of earnings forecasts subsequent to such announcements are more favorable for leading-announcer firms than the followers. Overall, our findings provide fully support for the first-mover advantages hypothesis, indicating the importance of the entry timing when announcing a corporate capital investment.
    關聯: Review of Pacific Basin Financial Markets and Policies, Vol.13, No.4, pp.495-515
    資料類型: article
    DOI 連結: http://dx.doi.org/10.1142/S0219091510002049
    DOI: 10.1142/S0219091510002049
    顯示於類別:[財務管理學系] 期刊論文

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