Lucchesi and Famá (2007)Lucchesi, E. P., & Famá, R. (2007, abril/maio/junho). O impacto das decisões de investimento das empresas no valor de mercado das ações negociadas na Bovespa no período de 1996 a 2003. Revista de Administração [RAUSP], 42(2), 249-260.
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Check the existence of market reaction to investment announcement, taken at the beginning of the fiscal year and during the year. |
Evidence of abnormal returns, especially for announcements at the beginning of the fiscal year. |
Brailsford and Yeoh (2004)Brailsford, T. J., & Yeoh, D. (2004, April). Agency problems and capital expenditure announcements. The Journal of Business, 77(2), 223-256.
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Check market reaction to announcements of capital investments in the presence of growth opportunities, cash flow and control variables (investment size, performance management, shareholder control and leverage). |
Evidence that the abnormal returns have the presence of growth opportunities as the dominant influence. |
Antunes and Procianoy (2003)Antunes, M. A., & Procianoy, J. L. (2003, jan-fev-mar). Os efeitos das decisões de investimentos das empresas sobre os preços de suas ações no mercado de capitais. Revista de Administração [RAUSP],38(1), 5-14.
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Check for the market reaction to the announcements variation of non-current assets and fixed assets. |
Evidence of abnormal returns for the non- current assets and fixed assets. |
Chung et al. (1998)Chung, K. H., Wright, P., & Charoenwong, C. (1998). Investment opportunities and market reaction to capital expenditure decisions.Journal of Banking & Finance, 22, 41-60.
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Check for the market reaction to announcements made by investment firms categorized by the quality of its past investments through Tobin's q. |
Evidence of favorable reaction for the high quality and unfavorable for low-quality businesses. |
Szewczyk et al. (1996)Szewczyk, S. H., Tsetsekos, G.P., & Zantout, Z. (1996, Spring). The valuation of corporate R&D expenditures: evidence from investment opportunities and free cash flow. Financial Management, 25(1), 105-110.
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Check for the market reaction to announcements of investments in R & D by companies classified by Tobin's q, by the size of free cash flow and technological level. |
Evidence of positive abnormal return for companies classified with higher Tobin's q, positive for high-tech companies and negative for low-tech companies. |
Chen and Ho (1997)Chen, S. S., & Ho, K. W. (1997, Autumn). Market response to product-strategy and capital expenditure announcements in Singapore: Investment opportunities and free cash flow. Financial Management, 26(3), 82-88.
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Check for the market reaction to corporate investment announcements classified by Tobin's q and by the size of free cash flow. |
Evidence of abnormal return for companies with higher Tobin's q. |
Blose and Shieh (1997)Blose, L. E., & Shieh, J. C. P. (1997, August). Tobin´s q-ratio and market reaction to capital investment announcements. The Financial Review, 32(3), 449-476.
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Check for the market reaction to announcements of investment companies classified by Tobin's q. |
Evidence of positive abnormal return for companies with higher Tobin's q. |
Chan et al. (1995)Chan, S. H., Gau, G. W., & Wang, K. (1995, March). Stock market reaction to capital investment decisions: Evidence from business relocations.Journal of Financial and Quantitative Analysis, 30(1), 81-100.
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Check for the market reaction to announcements of asset reallocation. |
Positive evidence for favorable impact on cash flow and negative to unfavorable impact on growth options. |
Woolridge and Snow (1990)Woolridge, J. R., & Snow, C. C. (1990). Stock market reaction to strategic investment decisions. Strategic Management Journal, 11, 353-363.
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Check for market reaction to announcements of strategic investments. |
Positive evidence to the announcements. |
McConnell and Muscarella (1985)McConnell, J. J., & Muscarella, C. J. (1985, September). Corporate capital expenditure decisions and the market value of the firm.Journal of Financial Economics, 14(3), 399-422.
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Check for the market reaction to announcements of plans for capital investments. |
Positive evidence for announcements of increase in investments and negative for announcements of reduction. |