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The specification and power of tests to detect abnormal changes in corporate investment

  • Alderson, Michael J.
  • Betker, Brian L.
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    File URL: http://www.sciencedirect.com/science/article/B6VFK-4GY8718-1/2/4e05b21bc03d225079b3d1d3650c924f
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    Article provided by Elsevier in its journal Journal of Corporate Finance.

    Volume (Year): 12 (2006)
    Issue (Month): 4 (September)
    Pages: 738-760

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    Handle: RePEc:eee:corfin:v:12:y:2006:i:4:p:738-760
    Contact details of provider: Web page: http://www.elsevier.com/locate/jcorpfin

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    3. Muscarella, Chris J & Vetsuypens, Michael R, 1990. " Efficiency and Organizational Structure: A Study of Reverse LBOs," Journal of Finance, American Finance Association, vol. 45(5), pages 1389-1413, December.
    4. Hendershott, Robert J., 1996. "Which Takeover Targets Overinvest?," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 31(04), pages 563-580, December.
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    7. Gregor Andrade & Steven N. Kaplan, 1998. "How Costly is Financial (Not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed," Journal of Finance, American Finance Association, vol. 53(5), pages 1443-1493, October.
    8. Brown, Stephen J. & Warner, Jerold B., 1985. "Using daily stock returns : The case of event studies," Journal of Financial Economics, Elsevier, vol. 14(1), pages 3-31, March.
    9. Joanne M. Doyle & Toni M. Whited, 2001. "Fixed Costs Of Adjustment, Coordination, And Industry Investment," The Review of Economics and Statistics, MIT Press, vol. 83(4), pages 628-637, November.
    10. Kahle, Kathleen M. & Walkling, Ralph A., 1996. "The Impact of Industry Classifications on Financial Research," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 31(03), pages 309-335, September.
    11. John D. Lyon & Brad M. Barber & Chih-Ling Tsai, 1999. "Improved Methods for Tests of Long-Run Abnormal Stock Returns," Journal of Finance, American Finance Association, vol. 54(1), pages 165-201, 02.
    12. Servaes, Henri, 1994. "Do Takeover Targets Overinvest?," Review of Financial Studies, Society for Financial Studies, vol. 7(2), pages 253-77.
    13. Kathleen M. Kahle & Ralph A. Walkling, . "The Impact of Industry Classifications on Financial Research," Research in Financial Economics 9607, Ohio State University.
    14. Lamont, Owen, 1997. " Cash Flow and Investment: Evidence from Internal Capital Markets," Journal of Finance, American Finance Association, vol. 52(1), pages 83-109, March.
    15. Corrado, Charles J. & Zivney, Terry L., 1992. "The Specification and Power of the Sign Test in Event Study Hypothesis Tests Using Daily Stock Returns," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 27(03), pages 465-478, September.
    16. Mikkelson, Wayne H. & Partch, M. Megan, 2003. "Do Persistent Large Cash Reserves Hinder Performance?," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 38(02), pages 275-294, June.
    17. Daley, Lane & Mehrotra, Vikas & Sivakumar, Ranjini, 1997. "Corporate focus and value creation Evidence from spinoffs," Journal of Financial Economics, Elsevier, vol. 45(2), pages 257-281, August.
    18. Yoon, Pyung Sig & Starks, Laura T, 1995. "Signaling, Investment Opportunities, and Dividend Announcements," Review of Financial Studies, Society for Financial Studies, vol. 8(4), pages 995-1018.
    19. Assem Safieddine & Sheridan Titman, 1999. "Leverage and Corporate Performance: Evidence from Unsuccessful Takeovers," Journal of Finance, American Finance Association, vol. 54(2), pages 547-580, 04.
    20. Megginson, William L & Nash, Robert C & van Randenborgh, Matthias, 1994. " The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis," Journal of Finance, American Finance Association, vol. 49(2), pages 403-52, June.
    21. Mayers, David, 1998. "Why firms issue convertible bonds: the matching of financial and real investment options," Journal of Financial Economics, Elsevier, vol. 47(1), pages 83-102, January.
    22. Ahn, Seoungpil & Denis, David J., 2004. "Internal capital markets and investment policy: evidence from corporate spinoffs," Journal of Financial Economics, Elsevier, vol. 71(3), pages 489-516, March.
    23. Nohel, Tom & Tarhan, Vefa, 1998. "Share repurchases and firm performance:: new evidence on the agency costs of free cash flow," Journal of Financial Economics, Elsevier, vol. 49(2), pages 187-222, August.
    24. Erik Lie, 2001. "Detecting Abnormal Operating Performance: Revisited," Financial Management, Financial Management Association, vol. 30(2), Summer.
    25. Gustavo Grullon & Roni Michaely, 2004. "The Information Content of Share Repurchase Programs," Journal of Finance, American Finance Association, vol. 59(2), pages 651-680, 04.
    26. Amy Dittmar & Anil Shivdasani, 2003. "Divestitures and Divisional Investment Policies," Journal of Finance, American Finance Association, vol. 58(6), pages 2711-2744, December.
    27. Anand M. Vijh, 2002. "The Positive Announcement-Period Returns of Equity Carveouts: Asymmetric Information or Divestiture Gains?," The Journal of Business, University of Chicago Press, vol. 75(1), pages 153-190, January.
    28. Shah, Kshitij, 1994. "The nature of information conveyed by pure capital structure changes," Journal of Financial Economics, Elsevier, vol. 36(1), pages 89-126, August.
    29. Chaplinsky, Susan & Hansen, Robert S, 1993. "Partial Anticipation, the Flow of Information and the Economic Impact of Corporate Debt Sales," Review of Financial Studies, Society for Financial Studies, vol. 6(3), pages 709-32.
    30. Denis, David J. & Denis, Diane K. & Sarin, Atulya, 1994. "The Information Content of Dividend Changes: Cash Flow Signaling, Overinvestment, and Dividend Clienteles," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 29(04), pages 567-587, December.
    31. Peyer, Urs C. & Shivdasani, Anil, 2001. "Leverage and internal capital markets: evidence from leveraged recapitalizations," Journal of Financial Economics, Elsevier, vol. 59(3), pages 477-515, March.
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