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

Ivo Welch and David Wessels

Schmalenbach Business Review (sbr), 2000, vol. 52, issue 2, 103-136

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.

Date: 2000
References: Add references at CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://www.vhb.de/sbr/pdfarchive.html (text/html)

Related works:
Working Paper: The Cross-sectional Determinants of Corporate Capital Expenditures: A Multinational Comparison (1994)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:sbr:abstra:v:52:y:2000:i:2:p:103-136

Access Statistics for this article

Schmalenbach Business Review (sbr) is currently edited by Wolfgang Ballwieser

More articles in Schmalenbach Business Review (sbr) from LMU Munich School of Management Contact information at EDIRC.
Bibliographic data for series maintained by sbr ( this e-mail address is bad, please contact ).