Catering to investors through capital expenditures: Testing assets substitution problem around financing

淡江大學機構典藏 > 商管學院 > 財務金融學系暨研究所 > 期刊論文 > Item 987654321/121870

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题名:	Catering to investors through capital expenditures: Testing assets substitution problem around financing
作者:	Chao, Ching-Hsiang;Huang, Chih-Jen;Ho, Ruey-Jenn;Huang, Hsin-Yi
关键词:	Asset substitution;Caterin;gCapital expenditures;Conversion;Financing
日期:	2022
上传时间:	2022-01-06 12:10:44 (UTC+8)
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.
關聯:	The North American Journal of Economics and Finance 59, 101561
DOI:	10.1016/j.najef.2021.101561
显示于类别:	[財務金融學系暨研究所] 期刊論文

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