Capital Investment, Option Generation, and Stock Returns

2013 ◽  
Author(s):  
Praveen Kumar ◽  
Dongmei Li
Keyword(s):  
Stock Returns ◽  
Capital Investment ◽  
Option Generation ◽  
Investment Option

The Capital Investment Increases and Stock Returns

2015 ◽  
Vol 5 (1) ◽  
pp. 1-11
Author(s):  
Jung Fang Liu ◽  
◽  
Nicholas Rueilin Lee ◽  
Yih-Bey Lin ◽  
Zang-Po Hong ◽  
...  
Keyword(s):  
Stock Returns ◽  
Capital Investment

Capital Investment, Innovative Capacity, and Stock Returns

2016 ◽  
Vol 71 (5) ◽  
pp. 2059-2094 ◽  
Author(s):  
PRAVEEN KUMAR ◽  
DONGMEI LI
Keyword(s):  
Stock Returns ◽  
Capital Investment ◽  
Innovative Capacity

scholarly journals Capital Investments and Stock Returns

2004 ◽  
Vol 39 (4) ◽  
pp. 677-700 ◽  
Author(s):  
Sheridan Titman ◽  
K. C. John Wei ◽  
Feixue Xie
Keyword(s):  
Stock Returns ◽  
Capital Investment ◽  
Cash Flows ◽  
Capital Investments ◽  
Equity Issue ◽  
Hostile Takeovers ◽  
Empire Building ◽  
Investment Return ◽  
Return Reversal

AbstractFirms that substantially increase capital investments subsequently achieve negative benchmark-adjusted returns. The negative abnormal capital investment/return relation is shown to be stronger for firms that have greater investment discretion, i.e., firms with higher cash flows and lower debt ratios, and is shown to be significant only in time periods when hostile takeovers were less prevalent. These observations are consistent with the hypothesis that investors tend to underreact to the empire building implications of increased investment expenditures. Although firms that increase capital investments tend to have high past returns and often issue equity, the negative abnormal capital investment/return relation is independent of the previously documented long-term return reversal and secondary equity issue anomalies.

scholarly journals PERBANDINGAN RETURN AND RISK ANTARA SAHAM-SAHAM SYARIAH DAN NON SYARIAH YANG TERCATAT DI BURSA EFEK INDONESIA

2018 ◽  
Vol 5 (1) ◽  
Author(s):  
Zakia Yuliani
Keyword(s):  
Stock Returns ◽  
Survey Research ◽  
Capital Markets ◽  
Public Interest ◽  
Stock Return ◽  
Minimal Risk ◽  
Purposive Sampling ◽  
Interesting Study ◽  
Common Problems ◽  
Investment Option

The research was conducted on the basis of a range of common problems in capital markets activities in Indonesia, the increasing development of alternative investment and to invest, investors should be better at determining the investment option. It is taken into consideration is the investor return and risk. In principle, investors expect high returns with minimal risk. Establishment LQ 45 is a superior collection of 45 stocks to facilitate investors in choosing. Public interest in increasing sharia-based economy, then formed the Jakarta Islamic Index (JII) to respond to the needs of information that meets the requirements of Shariah. It made an interesting study of comparison between stock returns and risk and non-Islamic sharia. Researchers use this type of survey research in the analysis. Using purposive sampling, researchers select stocks during the period of observation is always good listings on LQ 45 and JII. Each sample wascalculated return and risk to findout which one gives the stock return and risk greater.

The Role of Growth Options in Explaining Stock Returns

2014 ◽  
Vol 49 (3) ◽  
pp. 749-771 ◽  
Author(s):  
Lenos Trigeorgis ◽  
Neophytos Lambertides
Keyword(s):  
Stock Returns ◽  
Cross Section ◽  
Capital Investment ◽  
Explanatory Power ◽  
Growth Options ◽  
Risk Return ◽  
Growth Option ◽  
Growth Stocks ◽  
The Cross

AbstractWe extend the Fama-French (1992) model by considering growth option (as well as distress/leverage) variables in explaining the cross section of stock returns. We find that growth option variables, namely growth in capital investment and yet-unexercised growth options (GO), are significantly and negatively related to stock returns. Investors may be willing to accept lower average returns from growth stocks in exchange for a more favorable (positively skewed) risk-return profile. Book-to-market (BM) ratio seems to proxy for omitted distress/leverage variables. When these are explicitly accounted for, BM is not that significant. Our growth options variables have added explanatory power.

Exergoeconomic analysis of renewable multi-generation system

2020 ◽  
pp. 99-111
Author(s):  
Vontas Alfenny Nahan ◽  
Audrius Bagdanavicius ◽  
Andrew McMullan
Keyword(s):  
Capital Investment ◽  
Combined Cycle ◽  
Asian Countries ◽  
Generation System ◽  
Integrated Gasification Combined Cycle ◽  
Heating And Cooling ◽  
Integrated Gasification ◽  
Exergoeconomic Analysis ◽  
Main Components ◽  
The Cost

In this study a new multi-generation system which generates power (electricity), thermal energy (heating and cooling) and ash for agricultural needs has been developed and analysed. The system consists of a Biomass Integrated Gasification Combined Cycle (BIGCC) and an absorption chiller system. The system generates about 3.4 MW electricity, 4.9 MW of heat, 88 kW of cooling and 90 kg/h of ash. The multi-generation system has been modelled using Cycle Tempo and EES. Energy, exergy and exergoeconomic analysis of this system had been conducted and exergy costs have been calculated. The exergoeconomic study shows that gasifier, combustor, and Heat Recovery Steam Generator are the main components where the total cost rates are the highest. Exergoeconomic variables such as relative cost difference (r) and exergoeconomic factor (f) have also been calculated. Exergoeconomic factor of evaporator, combustor and condenser are 1.3%, 0.7% and 0.9%, respectively, which is considered very low, indicates that the capital cost rates are much lower than the exergy destruction cost rates. It implies that the improvement of these components could be achieved by increasing the capital investment. The exergy cost of electricity produced in the gas turbine and steam turbine is 0.1050 £/kWh and 0.1627 £/kWh, respectively. The cost of ash is 0.0031 £/kg. In some Asian countries, such as Indonesia, ash could be used as fertilizer for agriculture. Heat exergy cost is 0.0619 £/kWh for gasifier and 0.3972 £/kWh for condenser in the BIGCC system. In the AC system, the exergy cost of the heat in the condenser and absorber is about 0.2956 £/kWh and 0.5636 £/kWh, respectively. The exergy cost of cooling in the AC system is 0.4706 £/kWh. This study shows that exergoeconomic analysis is powerful tool for assessing the costs of products.

Towards New Policy Incentives for Fixed Capital Investment and Technological Upgrades in Russia

2011 ◽  
pp. 43-56
Author(s):  
A. Apokin
Keyword(s):  
Economic Policy ◽  
Capital Investment ◽  
Empirical Studies ◽  
Fixed Capital ◽  
Policy Framework ◽  
Private Companies ◽  
Russian Economy ◽  
Technological Modernization ◽  
Fixed Capital Investment ◽  
Policy Incentives

The paper approaches the problem of private fixed capital underinvestment in Russia. The author uses empirical studies of the Russian economy and cases of successful technological modernization to outline several groups of disincentives for private companies to perform fixed capital investment in Russia. To counter these constraints, a certain incentive-based economic policy framework is developed.

Freedom Indices and Capital Asset Pricing Model: Some Malaysian Evidence

2020 ◽  
Vol 1 (1) ◽  
pp. 1-21
Author(s):  
Ying Tay Lee ◽  
Devinaga Rasiah ◽  
Ming Ming Lai
Keyword(s):  
Human Rights ◽  
Asset Pricing ◽  
Stock Returns ◽  
Firm Size ◽  
Explanatory Power ◽  
Least Square ◽  
Press Freedom ◽  
Capital Asset Pricing ◽  
Capital Asset ◽  
Cross Sectional

Human rights and fundamental freedoms such as economic, political, and press freedoms vary widely from country to country. It creates opportunity and risk in investment decisions. Thus, this study is carried out to examine if the explanatory power of the model for capital asset pricing could be improved when these human rights movement indices are included in the model. The sample for this study comprises of 495 stocks listed in Bursa Malaysia, covering the sampling period from 2003 to 2013. The model applied in this study employed the pooled ordinary least square regression estimation. In addition, the robustness of the model is tested by using firm size as a controlled variable. The findings show that market beta as well as the economic and press freedom indices could explain the cross-sectional stock returns of the Malaysian stock market. By controlling the firm size, it adds marginally to the explanation of the extended CAP model which incorporated economic, political, and press freedom indices.

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