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The Relevance of Information Technology Expenditures
16 references·13 citing·44 second hopsampled
The Relevance of Information Technology Expenditures (2010)The Relevance of Information Technology E…Review: Information Technology and Organizational Performance: An Integrative Model of IT Business Value1 (2004)Review: Information Technolog…PE Ratios, PEG Ratios, and Estimating the Implied Expected Rate of Return on Equity Capital (2004)PE Ratios, PEG Ratios, and Es…Costs of Equity and Earnings Attributes (2004)Costs of Equity and Earnings …Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)Information asymmetry, corpor…Econometric Analysis of Cross Section and Panel Data (2001)Econometric Analysis of Cross…Capital markets research in accounting (2001)Capital markets research in a…Improved Methods for Tests of Long‐Run Abnormal Stock Returns (1999)Improved Methods for Tests of…Industry costs of equity (1997)Industry costs of equityDetecting long-run abnormal stock returns: The empirical power and specification of test statistics (1997)Detecting long-run abnormal s…The capitalization, amortization, and value-relevance of R&D (1996)The capitalization, amortizat…Paradox Lost? Firm-Level Evidence on the Returns to Information Systems Spending (1996)Paradox Lost? Firm-Level Evid…Valuation and Clean Surplus Accounting for Operating and Financial Activities* (1995)Valuation and Clean Surplus A…Information Technology and Sustained Competitive Advantage: A Resource-Based Analysis (1995)Information Technology and Su…Earnings, Book Values, and Dividends in Equity Valuation* (1995)Earnings, Book Values, and Di…Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures (1993)Cross-Sectional Determinants …Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Information Technology Governance and Corporate Boards’ Relationship with Companies’ Performance and Earnings Management: A Longitudinal Approach (2023)Information Technology Govern…Triggering disruptive technology absorptive capacity by CIOs. Explorative research on a micro-foundation lens (2021)Triggering disruptive technol…Studying Service SME Adoption of Mobile Marketing Technology (MMT) via Technology-Organization-Environment Framework (2021)Studying Service SME Adoption…IS/IT investments and firm performance: Indian evidence (2018)IS/IT investments and firm pe…Examining business value of customer relationship management systems: IT usage and two-stage model perspectives (2018)Examining business value of c…Determinants and consequences of chief information officer equity incentives (2018)Determinants and consequences…IT-ENABLED DYNAMIC CAPABILITY ON PERFORMANCE: AN EMPIRICAL STUDY OF BSC MODEL (2017)IT-ENABLED DYNAMIC CAPABILITY…Using a Two-Step Transformation to Address Non-Normality from a Business Value of Information Technology Perspective (2016)Using a Two-Step Transformati…Does Information Technology Reputation Affect Bank Loan Terms? (2014)Does Information Technology R…The impact of information technology on performance in the not-for-profit sector (2013)The impact of information tec…Value relevance and the dot-com bubble of the 1990s (2012)Value relevance and the dot-c…IT Capability and a Firm's Ability to Recover from Losses: Evidence from the Economic Downturn of the Early 2000s (2011)IT Capability and a Firm's Ab…Layoffs and Chief Executive Officer (CEO) Compensation: Does CEO Power Influence the Relationship? (2010)Layoffs and Chief Executive O…CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)Multifactor Explanations of Asset Pricing Anomalies (1996)Measuring Mutual Fund Performance with Characteristic‐Based Benchmarks (1997)Conditional Skewness in Asset Pricing Tests (2000)INFORMATIONAL ASYMMETRIES, FINANCIAL STRUCTURE, AND FINANCIAL INTERMEDIATION (1977)Corporate financing and investment decisions when firms have information that investors do not have (1984)Why Firms Voluntarily Disclose Bad News (1994)Causes and Consequences of Earnings Manipulation: An Analysis of Firms Subject to Enforcement Actions by the SEC* (1996)Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting (2010)On Persistence in Mutual Fund Performance (1997)The market pricing of accruals quality (2005)How does financial reporting quality relate to investment efficiency? (2009)Understanding earnings quality: A review of the proxies, their determinants and their consequences (2010)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)Dividend Policy, Growth, and the Valuation of Shares (1961)The Theory and Measurement of Business Income (1961)Does Corporate Social Responsibility Affect the Cost of Capital? (2010)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Using daily stock returns (1985)Market efficiency, long-term returns, and behavioral finance1The comments of Brad Barber, David Hirshleifer, S.P. Kothari, Owen Lamont, Mark Mitchell, Hersh Shefrin, Robert Shiller, Rex Sinquefield, Richard Thaler, Theo Vermaelen, Robert Vishny, Ivo Welch, and a referee have been helpful. Kenneth French and Jay Ritter get special thanks.1 (1998)Introductory Econometrics for Finance (2008)Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation (1982)Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations (1991)Another look at the instrumental variable estimation of error-components models (1995)Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2008)Corporate social responsibility and access to finance (2013)The China Syndrome: Local Labor Market Effects of Import Competition in the United States (2013)Firm Resources and Sustained Competitive Advantage (1991)Dynamic capabilities and strategic management (1997)Firm resources and sustained competitive advantage (2004)Supply chain collaboration: Impact on collaborative advantage and firm performance (2010)A Guide to Conducting a Systematic Literature Review of Information Systems Research (2011)Synthesizing information systems knowledge: A typology of literature reviews (2014)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)The economic implications of corporate financial reporting (2005)Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis (2007)Judgment under Uncertainty: Heuristics and Biases (1974)Econometrics of Event Studies**We thank Espen Eckbo, Jon Lewellen, Adam Kolasinski, and Jay Ritter for insightful comments, and Irfan Safdar and Alan Wancier for research assistance. (2007)Driven to Distraction: Extraneous Events and Underreaction to Earnings News (2009)Investor Inattention and Friday Earnings Announcements (2009)
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References

  • 2001Econometric Analysis of Cross Section and Panel Data27,575 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 2001Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature7,391 cited
  • 1997Industry costs of equity5,793 cited
  • 1995Earnings, Book Values, and Dividends in Equity Valuation*5,061 cited
  • 2004Review: Information Technology and Organizational Performance: An Integrative Model of IT Business Value13,379 cited
  • 1997Detecting long-run abnormal stock returns: The empirical power and specification of test statistics2,690 cited
  • 1993Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures2,643 cited
  • 2001Capital markets research in accounting2,575 cited
  • 2004Costs of Equity and Earnings Attributes2,387 cited
  • 1995Information Technology and Sustained Competitive Advantage: A Resource-Based Analysis2,366 cited
  • 1995Valuation and Clean Surplus Accounting for Operating and Financial Activities*2,224 cited
  • 1996Paradox Lost? Firm-Level Evidence on the Returns to Information Systems Spending2,114 cited
  • 1996The capitalization, amortization, and value-relevance of R&D1,947 cited
  • 1999

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Improved Methods for Tests of Long‐Run Abnormal Stock Returns
1,826 cited
  • 2004PE Ratios, PEG Ratios, and Estimating the Implied Expected Rate of Return on Equity Capital1,749 cited
  • Cited by

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    • 2010Layoffs and Chief Executive Officer (CEO) Compensation: Does CEO Power Influence the Relationship?44 cited
    • 2016Using a Two-Step Transformation to Address Non-Normality from a Business Value of Information Technology Perspective37 cited
    • 2012Value relevance and the dot-com bubble of the 1990s36 cited
    • 2011IT Capability and a Firm's Ability to Recover from Losses: Evidence from the Economic Downturn of the Early 2000s25 cited
    • 2013The impact of information technology on performance in the not-for-profit sector24 cited
    • 2018IS/IT investments and firm performance: Indian evidence23 cited
    • 2023Information Technology Governance and Corporate Boards’ Relationship with Companies’ Performance and Earnings Management: A Longitudinal Approach22 cited
    • 2018Determinants and consequences of chief information officer equity incentives19 cited
    • 2017IT-ENABLED DYNAMIC CAPABILITY ON PERFORMANCE: AN EMPIRICAL STUDY OF BSC MODEL17 cited
    • 2021Studying Service SME Adoption of Mobile Marketing Technology (MMT) via Technology-Organization-Environment Framework9 cited