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    题名: Investment Opportunities, Free Cash Flow, and Stock Valuation Effects of Secured Debt Offerings
    作者: Chang, Shao-Chi;Chen, Sheng-Syan;Hsing, Ailing;Huang, Chia Wei
    陳聖賢
    Chen, Sheng-Syan
    贡献者: 財管系
    关键词: Secured debt;Investment opportunities;Free cash flow
    日期: 2007-02
    上传时间: 2018-10-08 17:32:34 (UTC+8)
    摘要: This paper examines the role of investment opportunities and free cash flow in explaining the source of the stock valuation effects of secured debt offerings. We find a significantly positive relation between a firm`s investment opportunities and its stock price response to announcements of secured debt issues. This evidence supports the investment opportunities hypothesis that secured debt financing is more valuable for issuing firms with high growth opportunities. In contrast, we find a lack of support for the free cash flow hypothesis. These findings hold even after controlling for other potentially influential variables. Our study provides a better understanding of the relative importance of various potential determinants in explaining the variation in the valuation impact of secured debt issues.
    關聯: Review of Quantitative Finance and Accounting, Vol.28, No.2, pp.123-145
    数据类型: article
    显示于类别:[國際經營與貿易學系 ] 期刊論文

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