Corporate Investment And Asset Price Dynamics : Implications for SEO Event Studies And Long - Run Performance  

Oleh:

Fisher, Adlai ; Carlson, Murray ; Giammarino, Ron

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 61 no. 3 (Jun. 2006), page 1009-1034.
Topik: ASSET; stocks; investment policy; studies; vendor supplier relations; correlation analysis; equity stake
Fulltext: p 1009.pdf (275.54KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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We present a rational theory of SEOs that explains a pre - issuance price run-up, a negative announcement effect, and long run post issuance underperformance, Ehen SEOs finance investment in a real options framework, expected returns decrease endogenously because growth options are converted into assets in place. Regardless of their risk, the new assets are less risky than the options they replace. Although both size and book to market effects are present, standard matching procedures fail to dully capture the dynamics of risk and expected return. We calibrate the model and show that it closely matches the primary features of SEO return dynamics.

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