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| Author: | Brio, E. B. Del Perote, J. Pindado, J. |
| Title: | Measuring the Impact of Corporate Investment Announcements on Share Prices: The Spanish Experience |
| Journal: | Journal of Business Finance and Accounting
2003 : JUN/JUL, VOL. 30:5-6, p. 715-748 |
| Index terms: | INFORMATION INVESTMENT CASH FLOW SPAIN STOCK MARKETS |
| Language: | eng |
| Abstract: | Previous studies on the impact of news about corporate investment on stock market prices have revealed that investors react positively to the announcement of increases in capital expenditure. The authors test this hypothesis for the Spanish capital markets. The results provide additional evidence, since the authors find that the information is impounded into prices five days before its release. A cross-sectional analysis of the returns reveals that this anticipation is motivated mainly by the presence of private information in the market, but it also brings to light the valuation effects of some firms' char acteristics, such as the level of free cash flow and the availability of valuable investment opportunities. |
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