Investment Decisions in Anticipation of Recessions and Outperformance of Pre-Acting Firms
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Chee, Seungmin | - |
dc.contributor.author | Kwon, Soo Young | - |
dc.contributor.author | Pyun, Ju Hyun | - |
dc.date.accessioned | 2021-09-03T14:58:13Z | - |
dc.date.available | 2021-09-03T14:58:13Z | - |
dc.date.created | 2021-06-16 | - |
dc.date.issued | 2017 | - |
dc.identifier.issn | 1540-496X | - |
dc.identifier.uri | https://scholar.korea.ac.kr/handle/2021.sw.korea/86300 | - |
dc.description.abstract | We empirically examine whether firms make investment decisions in anticipation of recessions and subsequently perform better. Using a large quarterly dataset of fixed asset investments for U.S. firms during 1984-2012, we show that not all firms efficiently adjust their investment decisions in anticipation of a recession. However, we find that pre-acting firms that properly adjust their investment decisions (i.e., underinvest) before a recession outperform re-acting firms that fail to make proper investment decisions (i.e., overinvest) before a recession in subsequent returns on assets, returns on investments, and market-adjusted return measures. | - |
dc.language | English | - |
dc.language.iso | en | - |
dc.publisher | ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD | - |
dc.subject | OVERCONFIDENCE | - |
dc.subject | MANAGEMENT | - |
dc.subject | COST | - |
dc.title | Investment Decisions in Anticipation of Recessions and Outperformance of Pre-Acting Firms | - |
dc.type | Article | - |
dc.contributor.affiliatedAuthor | Chee, Seungmin | - |
dc.contributor.affiliatedAuthor | Kwon, Soo Young | - |
dc.contributor.affiliatedAuthor | Pyun, Ju Hyun | - |
dc.identifier.doi | 10.1080/1540496X.2016.1216842 | - |
dc.identifier.scopusid | 2-s2.0-85011866805 | - |
dc.identifier.wosid | 000395127200007 | - |
dc.identifier.bibliographicCitation | EMERGING MARKETS FINANCE AND TRADE, v.53, no.2, pp.321 - 338 | - |
dc.relation.isPartOf | EMERGING MARKETS FINANCE AND TRADE | - |
dc.citation.title | EMERGING MARKETS FINANCE AND TRADE | - |
dc.citation.volume | 53 | - |
dc.citation.number | 2 | - |
dc.citation.startPage | 321 | - |
dc.citation.endPage | 338 | - |
dc.type.rims | ART | - |
dc.type.docType | Article | - |
dc.description.journalClass | 1 | - |
dc.description.journalRegisteredClass | ssci | - |
dc.description.journalRegisteredClass | scopus | - |
dc.relation.journalResearchArea | Business & Economics | - |
dc.relation.journalResearchArea | International Relations | - |
dc.relation.journalWebOfScienceCategory | Business | - |
dc.relation.journalWebOfScienceCategory | Economics | - |
dc.relation.journalWebOfScienceCategory | International Relations | - |
dc.subject.keywordPlus | OVERCONFIDENCE | - |
dc.subject.keywordPlus | MANAGEMENT | - |
dc.subject.keywordPlus | COST | - |
dc.subject.keywordAuthor | Expansion | - |
dc.subject.keywordAuthor | investment decisions | - |
dc.subject.keywordAuthor | overinvestment | - |
dc.subject.keywordAuthor | recession | - |
dc.subject.keywordAuthor | underinvestment | - |
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