Empirical Evidence on Capital Investment, Growth Options, And Security Returns  

Oleh:

Garcia-Feijoo, Luis ; Anderson, Christopher W.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 61 no. 1 (Feb. 2006), page 171-194.
Topik: EVIDENCE; business valuation; rates of return; market value; studies; correlation analysis; economic models; capital expenditures
Fulltext: p 171.pdf (236.75KB)

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

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Isi artikel

Growth in the capital expenditures conditions subsequent classification of rims to portfolios based on size and book-to-market ratios, as in the widely used Fama and French (1992, 1993) methods. Growth in capital expenditures also explains returns to portfolios and the cross section of future stock returns. These findings are consistent with recent theoretical models (e. g., Berk, Green, and Naik (1999)) in which the exercise of investment - growth options results in changes in both valuation and the expected stock returns.

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