The Stock Market Reaction to Investment Announcements: The Case of Individual Capital Expenditure Projects
利用英国近500个资本支出公告样本，发现合资企业公告有显著正面市场反应，而单个公司公告无反应；单个公司投资的市场反应与支出规模正相关，但仅适用于立即产生现金流的项目。
In this paper we provide novel evidence about the market reaction to capital expenditure announcements in the UK using a sample of nearly 500 disclosures made between 1989 and 1991. First, we show that the market reaction to joint venture announcements is significantly positive, whilst similar announcements from individual companies do not elicit any response. Second, we find that the market reaction to single company investments is positively related to the size of the expenditure, but only for projects which immediately generate cash. Finally, we report that the variability in the market response to announcements which follow large cash inflows is significantly lower than the variability in investors’ reactions to announcements which are not preceded by such inflows.