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The Cross-sectional Determinants of Corporate Capital Expenditures: A Multinational Comparison

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Author Info
Ivo Welch

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Abstract

This study predicts cross-sectional investment (capital expenditure) changes in the U.S., Canada, Great Britain, Europe, and Japan. We find that lagged stock returns are the most important cross-sectional (and positive) predictors of investment (capital expenditure) increases in all five countries. Japanese and European firms' investment may respond less to stock returns than large U.S. firms, whereas Canadian and British firms' investment may respond more to stock returns than large U.S. firms. However, the differences between the Japanese and European firms on one hand and large U.S. firms on the other hand are minor. Other predictors of capital expenditures are also examined.

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Paper provided by University of California at Los Angeles in its series Finance with number _002.

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Date of creation: Jun 1994
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Handle: RePEc:wop:callfi:_002

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  1. 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. [Downloadable!]
  2. 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. [Downloadable!] (restricted)
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  3. Ayub, Mehar, 2000. "Funds Flow Analysis and Determinants of Fixed Assets," MPRA Paper 363, University Library of Munich, Germany, revised 2001. [Downloadable!]
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