The Effect of Capital Expenditure on Stock Prices under Business Cycles- A Case Study on Taiwan Semi-conductor Industry
| Autor: | LI,KENG-NIEN, 李耕年 |
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| Rok vydání: | 2011 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 99 This study, referencing on semiconductor manufactures, aims at exploring how capital expenditures under different business cycles affect the long term equity returns. Case study is exploited to explore how the capital expenditure announcement affects equity return under business cycle in the short run, while Panel data regression analysis is utilized in the long run. The result indicates that in the short run, capital expenditure announcement may significantly affect big enterprises’ equity prices in boom, but has no significant effect on equity prices in recession. In the long run, capital expenditure is the most vital factor that determines one enterprise value. However, small enterprises’ stock prices are both affected by the factors of business cycles and capital expenditure in the short run. This concludes that investors should choose blue chips instead of penny stocks when pondering over long term target investment mix. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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