期刊論文
| 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 | en |
| ISSN | 1062-9408; 1879-0860 |
| 期刊性質 | 國外 |
| 收錄於 | SSCI |
| 產學合作 | |
| 通訊作者 | |
| 審稿制度 | 是 |
| 國別 | GBR |
| 公開徵稿 | |
| 出版型式 | ,電子版,紙本 |
| 相關連結 |
機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/121870 ) |