政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/117579

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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/117579

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/117579

Title:	Market Reaction to Entry Timing of Corporate Capital Investment Announcement: Evidence from Announcement-Period Abnormal Returns and Analysts’ Earnings Forecast Revisions
Authors:	陳聖賢 Chen, Sheng-Syan Su, Xuan-Qi
Contributors:	財管系
Keywords:	Capital investment;entry timing;earnings forecasts;revisions
Date:	2010
Issue Date:	2018-06-11 18:28:00 (UTC+8)
Abstract:	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.
Relation:	Review of Pacific Basin Financial Markets and Policies, Vol.13, No.4, pp.495-515
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1142/S0219091510002049
DOI:	10.1142/S0219091510002049
Appears in Collections:	[財務管理學系] 期刊論文

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