The influences of a substantial capital expenditure on stock prices

• Main Authors: LIU, KANG-JUI, 劉剛睿
• Other Authors: HUANG, HSU-HUEI
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/7a8838

碩士 === 國立高雄大學 === 金融管理學系碩士班 === 105 === This paper investigates the influences of a substantial capital expenditure on stock prices. Using a sample of 315 Taiwan listed firms that have experienced an increase in fixed assets by more than 20% during 2003-2012. Our finding shows that companies’ stock returns tend to outperform the industry average within the period of the substantial capital expenditure. We also find that companies with higher insider shareholdings, higher institutional shareholdings or controlled by a family are more likely to have a better stock return within this period. In addition, the results show that the stock returns for those firms with a chairman of the board serving as CEO are more likely to underperform those without such a CEO duality.