The DOI matches its Crossref record; 51 of the 51 references it cites were found in a registry or an index.
Corporate Investment and Asset Price Dynamics: Implications for SEO Event Studies and Long‐Run Performance
Open accessAbstract
We present a rational theory of SEOs that explains a pre‐issuance price run‐up, a negative announcement effect, and long‐run post‐issuance underperformance. When SEOs finance investment in a real options framework, expected returns decrease endogenously because growth options are converted into assets in place. Regardless of their risk, the new assets are less risky than the options they replace. Although both size and book‐to‐market effects are present, standard matching procedures fail to fully capture the dynamics of risk and expected return. We calibrate the model and show that it closely matches the primary features of SEO return dynamics.
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Citations
Cites
Corporate financing and investment decisions when firms have information that investors do not have
Myers, S. C., & Majluf, N. S. (1984) · Journal of Financial Economics · doi:10.1016/0304-405x(84)90023-0 · Cited by 18,957
Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have
Myers, S., & Majluf, N. (1984) · doi:10.3386/w1396 · Cited by 6,745
Investor Psychology and Security Market Under‐ and Overreactions
Daniel, K., Hirshleifer, D., & Subrahmanyam, A. (1998) · The Journal of Finance · doi:10.1111/0022-1082.00077 · Cited by 5,682
A First Course in Stochastic Processes
(1975) · Elsevier eBooks · doi:10.1016/c2009-1-28569-8 · Cited by 3,890
Market Timing and Capital Structure
Baker, M., & Wurgler, J. (2002) · The Journal of Finance · doi:10.1111/1540-6261.00414 · Cited by 3,672
The Value of Waiting to Invest
McDonald, R., & Siegel, D. (1986) · The Quarterly Journal of Economics · doi:10.2307/1884175 · Cited by 3,596
LOUGHRAN, T., & RITTER, J. R. (1995) · The Journal of Finance · doi:10.1111/j.1540-6261.1995.tb05166.x · Cited by 3,480
The Long‐Run Performance of initial Public Offerings
RITTER, J. R. (1991) · The Journal of Finance · doi:10.1111/j.1540-6261.1991.tb03743.x · Cited by 3,300
Ingersoll, J. E., & Duffie, D. (1993) · The Journal of Finance · doi:10.2307/2329081 · Cited by 2,891
Detecting long-run abnormal stock returns: The empirical power and specification of test statistics
Barber, B. M., & Lyon, J. D. (1997) · Journal of Financial Economics · doi:10.1016/s0304-405x(96)00890-2 · Cited by 2,689
Cited by
Financial Constraints, R&D Investment, and Stock Returns
Li, D. (2011) · Review of Financial Studies · doi:10.1093/rfs/hhr043 · Cited by 482
Metadata
- Authors
- CARLSON, M., FISHER, A., & GIAMMARINO, R.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2006-05-16
- Volume
- 61
- Issue
- 3
- Pages
- 1009-1034
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3121717661
- Cited by
- 373
- References
- 51
- FWCI
- 34.63
- Type
- journal article
- Language
- en
- Open access
- green
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- CARLSON, M., FISHER, A., & GIAMMARINO, R. (2006). Corporate Investment and Asset Price Dynamics: Implications for SEO Event Studies and Long‐Run Performance. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2006.00865.x
Data sources
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
