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The impact of corporate capital inve...

Shieh, Chang Pying Joseph.

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The impact of corporate capital investment changes on the wealth of securityholders.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	The impact of corporate capital investment changes on the wealth of securityholders./
作者:	Shieh, Chang Pying Joseph.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 1991,
面頁冊數:	171 p.
附註:	Source: Dissertation Abstracts International, Volume: 52-07, Section: A, page: 2663.
Contained By:	Dissertation Abstracts International52-07A.
標題:	Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9135163

The impact of corporate capital investment changes on the wealth of securityholders.
Shieh, Chang Pying Joseph.

The impact of corporate capital investment changes on the wealth of securityholders. - Ann Arbor : ProQuest Dissertations & Theses, 1991 - 171 p.

Source: Dissertation Abstracts International, Volume: 52-07, Section: A, page: 2663.

Thesis (Ph.D.)--Kent State University, 1991.

This dissertation augments prior results on shareholders' wealth effects in response to capital investment decisions by examining the wealth impacts of both common stockholders and bondholders for a sample of firms which made announcements about their capital expenditure.Subjects--Topical Terms:

542899
Finance.

The impact of corporate capital investment changes on the wealth of securityholders.
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245 1 4 $a The impact of corporate capital investment changes on the wealth of securityholders.
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300 $a 171 p.
500 $a Source: Dissertation Abstracts International, Volume: 52-07, Section: A, page: 2663.
500 $a Directors: Laurence E. Blose; James W. Boyd.
502 $a Thesis (Ph.D.)--Kent State University, 1991.
520 $a This dissertation augments prior results on shareholders' wealth effects in response to capital investment decisions by examining the wealth impacts of both common stockholders and bondholders for a sample of firms which made announcements about their capital expenditure.
520 $a Three competing hypotheses have been presented in financial literature to explain and predict the impact of changes in corporate investment decisions on security holders. These three hypotheses are referred to as the agency cost (wealth transfer effect, and incentive effect) and the information-content of the firm value maximization theory. Each of the three theories was tested by using event study methodology to examine common stock and corporate bond price reactions to announcements of changes in capital expenditure.
520 $a The results indicate that in the case of capital expenditure increase, the hypothesis that shareholders expropriate wealth from bondholders by undertaking risk-increasing investment projects is not supported by the evidence presented in this study. Moreover, the absence of significant negative wealth impacts for bondholders, combined with significant positive returns to both shareholders and convertible bondholders, suggests that increases in capital budget increase firm value. The results support the hypothesis that capital expenditure increase announcements constitute a revelation by management of favorable new information about the value of the firm's future prospects.
520 $a In the case of capital expenditure decrease, significantly negative excess stock returns are found. However, the results in the bond market, although promising, are both weak and mixed.
520 $a In addition, the entire sample is split to reflect the cross-sectional variations of stock excess returns and bond excess returns. Several variables are used to partition the sample and construct the portfolios: free cash flow of the firm, Tobin's Q of the firm, the regulatory nature of the firm, the convertibility feature of bonds, and bond ratings. These additional tests provide further insights into price behaviors of securities in response to corporate investment decisions.
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