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The Cross-Sectional Determinants Of Corporate Capital Expenditures: A Multinational Comparison

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  • Ivo Welch
  • David Wessels

Abstract

This study predicts cross-sectional investment (asset-normalized capital expenditures) innovations within the United States, Canada, Great Britain, (mainland) Europe, and Japan. We find that lagged stock returns are the most important cross-sectional predictors of investment increases – except in mainland Europe. American firms tend to react more than Japanese firms but less than Canadian and British firms. However, the differences between Japanese firms and U.S. firms are small. In contrast, European firms appear to conduct their investment policy without much regard for their own lagged stock performance.

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Bibliographic Info

Article provided by LMU Munich School of Management in its journal Schmalenbach Business Review.

Volume (Year): 52 (2000)
Issue (Month): 2 (April)
Pages: 103-136

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Handle: RePEc:sbr:abstra:v:52:y:2000:i:2:p:103-136

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Cited by:
  1. Ayub, Mehar, 2000. "Funds Flow Analysis and Determinants of Fixed Assets," MPRA Paper 363, University Library of Munich, Germany, revised 2001.
  2. Ayub, Mehar, 1998. "A simulation model of corporate finances: A study of the companies listed on Karachi stock exchange," MPRA Paper 443, University Library of Munich, Germany, revised 2001.
  3. James Dow & Gary Gorton, 1995. "Stock Market Efficiency and Economic Efficiency: Is There a Connection?," NBER Working Papers 5233, National Bureau of Economic Research, Inc.

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