Stock Market Reaction to Capital Investment Decisions: Evidence from Business Relocations
研究1978-1990年间447个企业搬迁公告的股票市场反应，发现市场反应与搬迁动机及公司前景相关，而与搬迁设施类型无关，有助于理解资本投资决策公告的市场反应。
We investigate the stock market reaction to 447 announcements of business relocation decisions in the 1978-1990 period. We find that the stock market reaction to such decisions is tied to the motive for the relocation and the implied prospects for the firm, with the type of facility being relocated playing an insignificant role. Our finding reconciles several results in the literature concemmg the stock market reaction to announcements of capital investment decisions.