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 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
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