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Agency problems and capital expenditure announcements

Brailsford, Timothy John; Yeoh, Daniel


This article examines the market valuation of announcements of new capital expenditure. Prior research suggests that the firm's growth opportunities and cash flow position condition the market response. This study jointly examines the role of growth and cash flow, and the interaction between them. Using a new data set of Australian firms that avoids problems associated with expectations models, the results are remarkably strong and support a positive association between growth opportunities and...[Show more]

CollectionsANU Research Publications
Date published: 2004
Type: Journal article
Source: Journal of Business (Chicago), The
DOI: 10.1086/381274


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