The Economic Impact of Corporate Capital Expenditures: Focused Firms versus Diversified Firms
比较专注型与多元化企业资本投资的经济影响，发现市场对专注型企业投资公告反应更积极，且其投资后经营表现更好，支持投资机会假说。
Abstract This paper examines the role of focus versus diversification in explaining the economic impact of corporate capital investments. I find that the stock market's responses to announcements of capital investments are more favorable for focused firms than for diversified firms. I also show that focused firms exhibit significantly better post-investment operating performance than diversified firms. The overall findings in this study suggest that the investment opportunities hypothesis dominates the internal capital markets hypothesis in terms of the net economic impact of capital investments on the investing firms.