政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/120417

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政大機構典藏 > 商學院 > 國際經營與貿易學系 > 期刊論文 > Item 140.119/120417

请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/120417

题名:	Investment Opportunities, Free Cash Flow, and Stock Valuation Effects of Secured Debt Offerings
作者:	Chang, Shao-Chi;Chen, Sheng-Syan;Hsing, Ailing;Huang, Chia Wei 陳聖賢 Chen, Sheng-Syan
贡献者:	財管系
关键词:	Secured debt;Investment opportunities;Free cash flow
日期:	2007-02
上传时间:	2018-10-08 17:32:34 (UTC+8)
摘要:	This paper examines the role of investment opportunities and free cash flow in explaining the source of the stock valuation effects of secured debt offerings. We find a significantly positive relation between a firm`s investment opportunities and its stock price response to announcements of secured debt issues. This evidence supports the investment opportunities hypothesis that secured debt financing is more valuable for issuing firms with high growth opportunities. In contrast, we find a lack of support for the free cash flow hypothesis. These findings hold even after controlling for other potentially influential variables. Our study provides a better understanding of the relative importance of various potential determinants in explaining the variation in the valuation impact of secured debt issues.
關聯:	Review of Quantitative Finance and Accounting, Vol.28, No.2, pp.123-145
数据类型:	article
显示于类别:	[國際經營與貿易學系 ] 期刊論文

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档案	描述	大小	格式	浏览次数
123.pdf		299Kb	Adobe PDF2	376	检视/开启

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