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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/117778


    Title: The Economic Impact of Corporate Capital Expenditures: Focused Firms versus Diversified Firms
    Authors: 陳聖賢
    Chen, Sheng-Syan
    Contributors: 財管系
    Date: 2006
    Issue Date: 2018-06-15 12:02:01 (UTC+8)
    Abstract: This paper examines the role of focus versus diversification in explaining the economic impact of corporate capital investments. I find that the stock market’s responses to announcements
    of capital investments are more favorable for focused firms than for diversified firms. I also show that focused firms exhibit significantly better post-investment operating performance
    than diversified firms. The overall findings in this study suggest that the investment opportunities hypothesis dominates the internal capital markets hypothesis in terms of the
    net economic impact of capital investments on the investing firms.
    Relation: Journal of Financial and Quantitative Analysis, Vol.41, No.2, pp.341-355
    Data Type: article
    Appears in Collections:[Department of Finance] Periodical Articles

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