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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/117553

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/117553

Title:	Investment Opportunities, Free Cash Flow and Market Reaction to International Joint Ventures
Authors:	陳聖賢 Chen, Sheng-Syan Ho, Kim Wai Lee, Cheng-Few Yeo, Gillian H. H.
Contributors:	財管系
Keywords:	International joint venturesInvestment opportunitiesFree cash flow
Date:	2000
Issue Date:	2018-06-11 17:26:51 (UTC+8)
Abstract:	This paper examines the role of investment opportunities and free cash flow in explaining the source of the wealth effect of international joint ventures. We document that firms with promising investment opportunities have significantly positive response to announcements of international joint venture investments, whereas firms with poor investment opportunities have unfavorable response to such announcements. In contrast, we find that free cash flow does not explain the cross-sectional differences in abnormal returns associated with the announcements of international joint ventures. Thus, our results show support for the investment opportunities hypothesis but no support for the free cash flow hypothesis. These findings hold even after controlling for other potential explanatory variables.
Relation:	Journal of Banking and Finance, Vol.24, No.11, pp.1747-1765
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1016/S0378-4266(99)00103-X
DOI:	10.1016/S0378-4266(99)00103-X
Appears in Collections:	[財務管理學系] 期刊論文

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