دانلود مقاله ISI انگلیسی شماره 50462
عنوان فارسی مقاله

اطلاعیه های هزینه های سرمایه ای و موانع ضدتصاحب

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
50462 2000 24 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Capital expenditure announcements and anti-takeover barriers
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : The Quarterly Review of Economics and Finance, Volume 40, Issue 2, Summer 2000, Pages 205–228

کلمات کلیدی
هزینه های سرمایه - اصلاحات ضد تصاحب - سم قرص
پیش نمایش مقاله
پیش نمایش مقاله اطلاعیه های هزینه های سرمایه ای و موانع ضدتصاحب

چکیده انگلیسی

In this paper, we compare capital budget announcements by firms with anti-takeover mechanisms in place to announcements by firms without takeover barriers during the period 1980 to 1995. We find that anti-takeover provisions do not affect investors’ average reactions to investment choices. Market responses are heterogeneous; however, and differ according to size, growth opportunity, the availability of free cash flow and exposure to the capital markets. We find evidence consistent with managerial entrenchment when firms are insulated from the threat of takeover and have enough free cash flow to avoid raising external capital. We also find that for small firms, the reaction to capital investment announcements are positively related to free cash flow when managers have high growth opportunities, but negatively related when investment opportunity is small. This result is consistent with Noe (1988), who shows that restricting managers’ investment choices to positive NPV projects is necessary to obtain the pecking order results of Myers and Majluf (1984).

خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.