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Measuring the Impact of Corporate Investment Announcements on Share Prices: The Spanish Experience
16 references·6 citing·40 second hop
Measuring the Impact of Corporate Investment Announcements on Share Prices: The Spanish Experience (2003)Measuring the Impact of Corporate Investm…Determinants of capital structure: new evidence from Spanish panel data (2001)Determinants of capital struc…The Relationship between Firm Investment and Financial Status (1999)The Relationship between Firm…Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers (1999)Agency Cost of Free Cash Flow…A test of the free cash flow hypothesis (1991)A test of the free cash flow …Corporate research and development expenditures and share value (1990)Corporate research and develo…Managerial performance, Tobin's Q, and the gains from successful tender offers (1989)Managerial performance, Tobin…A nonparametric test for abnormal security-price performance in event studies (1989)A nonparametric test for abno…Estimating the components of the bid/ask spread (1988)Estimating the components of …Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Agency Costs of Free Cash Flo…Corporate capital expenditure decisions and the market value of the firm (1985)Corporate capital expenditure…Bid, ask and transaction prices in a specialist market with heterogeneously informed traders (1985)Bid, ask and transaction pric…The Capital Structure Puzzle (1984)The Capital Structure PuzzleThe Capital Structure Puzzle (1984)The Capital Structure PuzzleCorporate financing and investment decisions when firms have information that investors do not have (1984)Corporate financing and inves…Information Effects on the Bid-Ask Spread (1983)Information Effects on the Bi…Estimating betas from nonsynchronous data (1977)Estimating betas from nonsync…Revista Europea de Dirección y Economía de la Empresa (2016)Revista Europea de Dirección …Interactions between Free Cash Flow, Debt Policy and Structure of Governance: Three Stage Least Square Simultaneous Model Approach (2011)Interactions between Free Cas…How Do Firm Characteristics Influence the Relationship between R&D and Firm Value? (2010)How Do Firm Characteristics I…International evidence on the relative importance of the determinants of earnings forecast accuracy (2009)International evidence on the…Financial decisions as determinants of ownership structure (2008)Financial decisions as determ…The Wealth Effects of Capital Investment Decisions: An Empirical Comparison of Korean Chaebol and Non‐Chaebol Firms (2005)The Wealth Effects of Capital…The Cost of Capital, Corporation Finance and the Theory of Investment (1958)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)The Determinants of Capital Structure Choice (1988)What Do We Know about Capital Structure? Some Evidence from International Data (1995)The theory and practice of corporate finance: evidence from the field (2001)The Pricing of Options and Corporate Liabilities (1973)Theory of Rational Option Pricing (1973)Price, trade size, and information in securities markets (1987)The Relation Between Price Changes and Trading Volume: A Survey (1987)Measuring the Information Content of Stock Trades (1991)Theory of rational option pricing (2005)Efficient Capital Markets: A Review of Theory and Empirical Work (1970)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)Investor Psychology and Security Market Under‐ and Overreactions (1998)Illiquidity and stock returns: cross-section and time-series effects (2002)Market Liquidity and Funding Liquidity (2008)Continuous Auctions and Insider Trading (1985)Market microstructure and asset pricing: On the compensation for illiquidity in stock returns (1996)Alternative factor specifications, security characteristics, and the cross-section of expected stock returns1We are especially grateful to Eugene Fama (a referee), an anonymous referee and Bill Schwert (the editor) for insightful and constructive suggestions. We also thank Wayne Ferson, Ken French, Will Goetzmann, Craig Holden, Ravi Jagannathan, Bob Jennings, Bruce Lehmann, Josef Lakonishok, Richard Roll, participants at the 1997 Meetings of the Western Finance Association, the 1997 UCLA/USC/UC Irvine conference, the November 1997 Asset Pricing Meeting of the National Bureau of Economic Research, the Atlanta Forum, and seminars at Columbia, Indiana, Florida, New York, Tulane, and Yale Universities; Eugene Fama and Ken French for providing part of the data used in this study; and Christoph Schenzler for excellent programming assistance. The second author acknowledges support from the Dean's Fund for Research and the Financial Markets Research Center at Vanderbilt University. We are responsible for remaining errors. This paper was formerly titled `A Re-Examination of Security Return Anomalies'.1 (1998)Liquidity and stock returns: An alternative test (1998)A Subordinated Stochastic Process Model with Finite Variance for Speculative Prices (1973)An Intertemporal Capital Asset Pricing Model (1973)Conditional Heteroskedasticity in Asset Returns: A New Approach (1991)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)Determinants of corporate borrowing (1977)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)GROWTH, BETA AND AGENCY COSTS AS DETERMINANTS OF DIVIDEND PAYOUT RATIOS (1982)Two Agency-Cost Explanations of Dividends (1984)Corporate performance and managerial remuneration (1985)Management entrenchment (1989)Agency Problems and Dividend Policies Around the World (1998)Stock market driven acquisitions (2003)Agency, Information and Corporate Investment (2001)Costly external finance, corporate investment, and the subprime mortgage credit crisis (2010)Corporate social responsibility and access to finance (2013)The Theory of Capital Structure (1991)The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)A Survey of Corporate Governance (1997)Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? (1997)
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References

  • 1984Corporate financing and investment decisions when firms have information that investors do not have18,936 cited
  • 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers17,216 cited
  • 1984The Capital Structure Puzzle7,520 cited
  • 1985Bid, ask and transaction prices in a specialist market with heterogeneously informed traders6,132 cited
  • 1984The Capital Structure Puzzle3,151 cited
  • 1977Estimating betas from nonsynchronous data2,751 cited
  • 1983Information Effects on the Bid-Ask Spread1,875 cited
  • 1999Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers1,853 cited
  • 1988Estimating the components of the bid/ask spread1,612 cited
  • 1999The Relationship between Firm Investment and Financial Status1,433 cited
  • 1989A nonparametric test for abnormal security-price performance in event studies1,077 cited
  • 1991A test of the free cash flow hypothesis1,068 cited
  • 1989Managerial performance, Tobin's Q, and the gains from successful tender offers964 cited
  • 1985Corporate capital expenditure decisions and the market value of the firm861 cited
  • 1990Corporate research and development expenditures and share value649 cited

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  • 2001Determinants of capital structure: new evidence from Spanish panel data635 cited
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    • 2010How Do Firm Characteristics Influence the Relationship between R&D and Firm Value?96 cited
    • 2005The Wealth Effects of Capital Investment Decisions: An Empirical Comparison of Korean Chaebol and Non‐Chaebol Firms46 cited
    • 2009International evidence on the relative importance of the determinants of earnings forecast accuracy30 cited
    • 2016Revista Europea de Dirección y Economía de la Empresa24 cited
    • 2011Interactions between Free Cash Flow, Debt Policy and Structure of Governance: Three Stage Least Square Simultaneous Model Approach22 cited
    • 2008Financial decisions as determinants of ownership structure17 cited