Intra‐lndustry Effects of Corporate Capital Investment Announcements
研究一家公司宣布资本投资如何影响同行股价，发现平均而言竞争对手股价显著下跌，竞争效应大于传染效应；公告方效应越大或为行业先行者时，对手股价受冲击更严重，对手投资机会差或财务杠杆高时损失更大。
We examine how announcements of corporate capital investments by one firm affect the stock prices of its competitors. We find that on average, rivals experience a signifi cantly negative valuation effect. The results suggest that for the sample as a whole, the competitive effect dominates the contagion effect. We further examine various factors that could potentially explain the heterogeneous intra‐industry effects of capital investment announcements. We find that rivals' share prices are more adversely affected when the announcer experiences a higher announcement effect or is the first mover in the industry. We also show that rivals experience a greater wealth loss when they have poorer investment opportunities or higher financial leverage.