English, Article edition: Capital Investments and Stock Returns in Japan-super- Sheridan Titman; K.C. John Wei; Feixue Xie

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Bookmark: http://trove.nla.gov.au/version/108018
Physical Description
  • article
Language
  • English

Edition details

Title
  • Capital Investments and Stock Returns in Japan-super-
Author
  • Sheridan Titman
  • K.C. John Wei
  • Feixue Xie
Physical Description
  • article
Notes
  • The negative relation between capital investments and subsequent stock returns, found in the United States, is not observed in Japan, which is inconsistent with the risk-based explanation. More specifically, we find no significant relation between capital expenditures ("CE") and subsequent stock returns for either the entire sample or for "keiretsu" firms. However, in the pre-1990 subperiod, there is a positive relation between increased "CE" and subsequent risk-adjusted returns among independent firms, especially for those firms that have high cash flows and/​or low leverage. These results are consistent with existing evidence that independent firms are financially constrained in the pre-1990 period and that "keiretsu" main bank monitoring effectively controls the overinvestment problem. Copyright (c) 2009 The Authors. Journal compilation (c) International Review of Finance Ltd. 2009.
  • RePEc:bla:irvfin:v:9:y:2009:i:1-2:p:111-131
Language
  • English
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