The Impact of Country Governance on the Relation between Capital Investment and Future Stock Returns: An Empirical Analysis for OECD Countries

碩士 === 國立高雄第一科技大學 === 金融系碩士班 === 106 === A phenomenon about the negative relation between investment growth and subsequent stock returns in firm level is often referred to as the investment effect. One of the most important reasons for the negative investment-return relation is due to corporate over...

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Main Authors:	LIN, MENG-XIAN, 林孟嫺
Other Authors:	CHUEH, HO-SHIH
Format:	Others
Language:	zh-TW
Published:	2018
Online Access:	http://ndltd.ncl.edu.tw/handle/w6m22z

id	ndltd-TW-106NKIT0667015
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spelling	ndltd-TW-106NKIT06670152019-09-23T15:29:34Z http://ndltd.ncl.edu.tw/handle/w6m22z The Impact of Country Governance on the Relation between Capital Investment and Future Stock Returns: An Empirical Analysis for OECD Countries 國家治理對資本投資與股市報酬率關係之影響──經濟合作暨發展組織成員國之實證 LIN, MENG-XIAN 林孟嫺碩士國立高雄第一科技大學金融系碩士班 106 A phenomenon about the negative relation between investment growth and subsequent stock returns in firm level is often referred to as the investment effect. One of the most important reasons for the negative investment-return relation is due to corporate overinvestment tendencies. This paper explores the investment effect in the country level and the influence of country governance on the investment effect from 32 OECD countries over 1996 to 2015. The results show that the stock market returns have both leading and contemporaneous impact on the investment growth rate. Our findings also indicate that there is a negative relation between investment growth and subsequent stock market returns and the relation is stronger among countries with poor governance. CHUEH, HO-SHIH 闕河士 2018 學位論文 ; thesis 56 zh-TW
collection	NDLTD
language	zh-TW
format	Others
sources	NDLTD
description	碩士 === 國立高雄第一科技大學 === 金融系碩士班 === 106 === A phenomenon about the negative relation between investment growth and subsequent stock returns in firm level is often referred to as the investment effect. One of the most important reasons for the negative investment-return relation is due to corporate overinvestment tendencies. This paper explores the investment effect in the country level and the influence of country governance on the investment effect from 32 OECD countries over 1996 to 2015. The results show that the stock market returns have both leading and contemporaneous impact on the investment growth rate. Our findings also indicate that there is a negative relation between investment growth and subsequent stock market returns and the relation is stronger among countries with poor governance.
author2	CHUEH, HO-SHIH
author_facet	CHUEH, HO-SHIH LIN, MENG-XIAN 林孟嫺
author	LIN, MENG-XIAN 林孟嫺
spellingShingle	LIN, MENG-XIAN 林孟嫺 The Impact of Country Governance on the Relation between Capital Investment and Future Stock Returns: An Empirical Analysis for OECD Countries
author_sort	LIN, MENG-XIAN
title	The Impact of Country Governance on the Relation between Capital Investment and Future Stock Returns: An Empirical Analysis for OECD Countries
title_short	The Impact of Country Governance on the Relation between Capital Investment and Future Stock Returns: An Empirical Analysis for OECD Countries
title_full	The Impact of Country Governance on the Relation between Capital Investment and Future Stock Returns: An Empirical Analysis for OECD Countries
title_fullStr	The Impact of Country Governance on the Relation between Capital Investment and Future Stock Returns: An Empirical Analysis for OECD Countries
title_full_unstemmed	The Impact of Country Governance on the Relation between Capital Investment and Future Stock Returns: An Empirical Analysis for OECD Countries
title_sort	impact of country governance on the relation between capital investment and future stock returns: an empirical analysis for oecd countries
publishDate	2018
url	http://ndltd.ncl.edu.tw/handle/w6m22z
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The Impact of Country Governance on the Relation between Capital Investment and Future Stock Returns: An Empirical Analysis for OECD Countries

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