STOCK-MARKET REACTION TO CAPITAL-INVESTMENT DECISIONS - EVIDENCE FROM BUSINESS RELOCATIONS

被引：36

作者：

CHAN, SH ^{[1
]}

GAU, GW ^{[1
]}

WANG, K ^{[1
]}

机构：

[1] UNIV TEXAS,DEPT FINANCE,AUSTIN,TX 78712

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 1995年 / 30卷 / 01期

关键词：

D O I：

10.2307/2331254

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate the stock market reaction to 447 announcements of business relocation decisions in the 1978-1990 period. We find that the stock market reaction to such decisions is tied to the motive for the relocation and the implied prospects for the firm, with the type of facility being relocated playing an insignificant role. Our finding reconciles several results in the literature concerning the stock market reaction to announcements of capital investment decisions.

引用

页码：81 / 100

页数：20

共 15 条

[1]

ALLI KL, 1991, AREUEA J, V19, P583

[2] PLANT-CLOSING DECISIONS AND THE MARKET VALUE OF THE FIRM [J].