Capital Investments and Stock Returns
研究发现大幅增加资本投资的公司随后获得负的基准调整后回报，且这种负相关在现金流高、负债率低的公司中更强，在敌意收购较少的时期显著，支持投资者对投资扩张的帝国构建含义反应不足的假说。
Abstract Firms that substantially increase capital investments subsequently achieve negative benchmark-adjusted returns. The negative abnormal capital investment/return relation is shown to be stronger for firms that have greater investment discretion, i.e., firms with higher cash flows and lower debt ratios, and is shown to be significant only in time periods when hostile takeovers were less prevalent. These observations are consistent with the hypothesis that investors tend to underreact to the empire building implications of increased investment expenditures. Although firms that increase capital investments tend to have high past returns and often issue equity, the negative abnormal capital investment/return relation is independent of the previously documented long-term return reversal and secondary equity issue anomalies.