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- W1490476076 abstract "This paper examines whether overinvestment can partially explain the negative association between capital investments (long term asset accruals), future profitability and stock returns. Capital investment has a robust negative implication for future profitability. The negative association is stronger when firms have greater investment discretion, i.e., for those firms with higher free cash flow and lower leverage. Moreover, the negative association between investment, future profitability and stock returns is almost exclusively driven by positive discretionary investment, i.e., where overinvestment is more likely to occur, rather than by negative discretionary investment, where overinvestment is much less likely. Evidence in this study provides an underlying explanation for Titman, Wei and Xie (2003)’s notion that managers’ empire building behavior is responsible for the negative association between capital investment and future stock returns. In addition, to the extent that long term asset accruals capture investment intensity, the results here may also provide an alternative interpretation of the long term asset accrual anomaly." @default.
- W1490476076 created "2016-06-24" @default.
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- W1490476076 date "2004-01-01" @default.
- W1490476076 modified "2023-09-23" @default.
- W1490476076 title "The implications of capital investment for future profitability and stock returns : an over-investment perspective" @default.
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