Corporate Investment and Asset Price Dynamics: Implications for SEO Event Studies and Long-Run Performance

By Murray Carlson, Adlai J. Fisher, Ron Giammarino. 2006

387 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/7b15212bf4951ba937a111d5baeea8ee224ae393

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

In Finance

Citations in the corpus

Seasoned Equity Offerings, Market Timing, and the Corporate Lifecycle (2010, positive): “…the SEO market, and pre-SEO stock price run ups reflect an increase in the value of growth options, with an associated need for capital to exercise them as posited, e.g., by Carlson, Fisher, and Giammarino (2006), who also argue that such exercise explains post-SEO negative abnormal returns.”
On the Information Role of Stock Recommendation Revisions (2009, neutral): “For discussion of how fundamental changes can impact expected returns see McDonald and Siegel (1985), Lucas and McDonald (1990), Berk et al. (1999), Gomes et al. (2003), Kogan (2004), Carlson et al. (2004, 2006), Zhang (2005), Cooper (2006), and Pástor and Veronesi (2005).”
Financial Constraints, R&D Investment, and Stock Returns (2011, positive): “Following many papers studying the cross-section of returns (e.g., Berk, Green, and Naik 1999, 2004; Carlson, Fisher, and Giammarino 2004, 2006; Zhang 2005; Livdan, Sapriza, and Zhang 2009), I adopt a partial equilibrium model”
A Theory of Firm Characteristics and Stock Returns: The Role of Investment-Specific Shocks (2012, positive): “In particular, in Carlson et al. (2004) and Carlson, Fisher, and Giammarino (2006) growth opportunities have higher risk premia than assets in place.”
The Role of Institutional Investors in Seasoned Equity Offerings (2009, neutral): “See, e.g., Carlson, Fisher, and Giammarino (2006) for a theoretical analysis and Loughran and Ritter (1995) and Brav, Geczy, and Gompers (2000) for empirical analyses.”
Investment and the Weighted Average Cost of Capital (2016, neutral): “A number of papers focus on the impact of investment on stock returns, such as Zhang (2005), Carlson, Fisher, and Giammarino (2004), Carlson, Fisher, and Giammarino (2006), Liu, Whited, and Zhang (2009), and Lin and Zhang (2013).”
Behavioral and Rational Explanations of Stock Price Performance around SEOs: Evidence from a Decomposition of Market-to-Book Ratios (2010, positive): “Carlson, Fisher, and Giammarino (2006), using a real options approach, posit that the pre-issue run-up reflects growth options moving into the money, that managers issue equity in order to invest in these growth options, and that lower post-issue returns reflect a decrease in firm risk as risky…”
Strategic default and equity risk across countries (2012, neutral): “…papers investigating the equity risk implications of product market competition [Aguerrevere (2009)], corporate investment [Carlson, Fisher, and Giammarino (2004)], seasoned equity o¤erings [Carlson, Fisher, and Giammarino (2006)], and mergers and acquisitions [Hackbarth and Morellec (2008)].”
The New Issues Puzzle: Testing the Investment-Based Explanation (2008, positive): “Because capital raised from seasoned equity is likely to be invested, Zhang (2005a) and Carlson, Fisher, and Giammarino (2006) argue that SEO firms must earn lower expected returns than matching nonissuers.”
Excess Cash and Stock Returns (2010, neutral): “[7] Carlson, Murray, Adlai Fisher, and Ron Giammarino, 2006, Corporate investment and asset price dynamics: Implications for SEO event studies and long-run performance, Journal of Finance 61, 1009-1034.”