An intervention analysis for the relationship between capital expenditure decisions and the market value of firms |
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| Authors: | Yang-Tzong Tsay Ken Hung |
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| Institution: | (1) Department of Accounting, National Taiwan University, Taipei, Taiwan;(2) Department of Finance, Marketing and Decision Sciences, Western Washington University, 98225 Bellingham, WA |
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| Abstract: | This article is meant to explore the relationship between corporate capital expenditure decisions and the market value of firms using the intervention technique. The article shows that deep cuts in capital expenditures may, for sink-hole type projects, provide a positive signal to the marketplace. For non-sink-hole type projects, our findings are not quite consistent with those reported in McConnell and Muscarella (1985). |
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| Keywords: | corporate capital expenditures international competition deep cuts intervention analysis |
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