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政大典藏 > College of Commerce > Department of Finance > Periodical Articles > Item 140.119/117627

Please use this identifier to cite or link to this item: https://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:	[Department of Finance] Periodical Articles

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