教師資料查詢 | 類別: 期刊論文 | 教師: 趙慶祥CHAO, CHING-HSIANG (瀏覽個人網頁)

標題:Catering to investors through capital expenditures: Testing assets substitution problem around financing
學年110
學期1
出版(發表)日期2022/01/01
作品名稱Catering to investors through capital expenditures: Testing assets substitution problem around financing
作品名稱(其他語言)
著者Ching-Hsiang Chao; Chih-Jen Huang; Ruey-Jenn Ho; Hsin-Yi Huang
單位
出版者
著錄名稱、卷期、頁數The North American Journal of Economics and Finance 59, 101561
摘要We test the catering theory, which describes how investor preferences might influence individual firms' investment financing decisions. To the best of our knowledge, our study may well be the first that directly connects catering with asset substitution to contrast the magnitude of catering by bondholders and shareholders. And indeed, it is interesting to find that although catering behavior is found to exist among both corporate bond and seasoned equity offering (SEO) managers, the coexistence of both appears to offset the abnormal investment phenomena of either underinvestment or overinvestment. The study results further reveal that firms engage in overinvestment when catering to conversion holders of existing convertible bonds. Taken together, we find that support for the asset substitution and abnormal investment argument is strong from a stockholder–bondholder conflict.
關鍵字Asset substitution;Caterin;gCapital expenditures;Conversion;Financing
語言英文
ISSN1062-9408; 1879-0860
期刊性質國外
收錄於SSCI;
產學合作
通訊作者
審稿制度
國別英國
公開徵稿
出版型式,電子版,紙本
相關連結
SDGs
  • 優質教育,尊嚴就業與經濟發展,減少不平等
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