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| Author: | Butler, A. W. (et al.) |
| Title: | Corporate financing decisions, managerial market timing, and real investment |
| Journal: | Journal of Financial Economics
2011 : SEP, VOL.101:3, p. 666-683 |
| Index terms: | corporate finance financing decision making investment markets model testing |
| Freeterms: | timing |
| Language: | eng |
| Abstract: | It is argues that the amount of net financing is more important than its composition in explaining future stock returns. In the time series, investment-based factor models explain abnormal stock performance following a variety of corporate financing events that previous studies link to market timing. At the aggregate level, the amount of new financing is also more important for future market returns than its composition. Overall, their joint tests reveal that measures of real investment are correlated with future returns and measures of managerial market timing are not. |
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