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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/117627
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/117627

    Title: Intra-Industry Effects of Corporate Capital Investment Announcements
    Authors: 陳聖賢
    Chen, Sheng-Syan
    Ho, Lan-Chih
    Shih, Yi-Cheng
    Contributors: 財管系
    Date: 2007
    Issue Date: 2018-06-12 16:52:26 (UTC+8)
    Abstract: We examine how announcements of corporate capital investments by one firm affect the stock prices of its competitors. We find that on average, rivals experience a significantly negative valuation effect. The results suggest that for the sample as a whole, the competitive effect dominates the contagion effect. We further examine various factors that could potentially explain the heterogeneous intra-industry effects of capital investment announcements. We find that rivals' share prices are more adversely affected when the announcer experiences a higher announcement effect or is the first mover in the industry. We also show that rivals experience a greater wealth loss when they have poorer investment opportunities or higher financial leverage.
    Relation: Financial Management, Vol.36, No.2, pp.125-145
    Data Type: article
    Appears in Collections:[財務管理學系] 期刊論文

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