Internal capital markets and predictability in complex ownership firms

被引：1

作者：

Chang, Ran ^{[1
]}

Gonzalez, Angelica ^{[3
]}

Sarkissian, Sergei ^{[2
,3
]}

Tu, Jun ^{[4
]}

机构：

[1] Shanghai Jiao Tong Univ, Antai Coll Econ & Management, Shanghai 200030, Peoples R China

[2] McGill Univ, Montreal, PQ H3A 1G5, Canada

[3] Univ Edinburgh, Business Sch, Edinburgh EH8 9JS, Scotland

[4] Singapore Management Univ, Lee Kong Chian Sch Business, Singapore 178899, Singapore

来源：

JOURNAL OF CORPORATE FINANCE | 2022年 / 74卷

关键词：

Capital expenditures; Earnings surprises; Market inefficiency; Multinational enterprises; Ownership network; ACCOUNTING ANOMALIES; FUNDAMENTAL ANALYSIS; CROSS-SECTION; CASH FLOW; RETURN; INFORMATION; INVESTMENT; ACCRUALS; ANALYSTS; LINKS;

D O I：

10.1016/j.jcorpfin.2022.102219

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using global cross-firm ownership data, we find that both stock returns and cash-flow news of ownership-linked firms predict focal firm's returns for all types of ownership structures: subsidiary-parent, parent-subsidiary, subsidiary-subsidiary, and parent-parent. This effect, observed only after the establishment of cross-firm ownership, is not subsumed by focal firm or industry momentum, or alternative inter-firm relations, including customer-supplier links and shared analyst coverage. Our findings are explained by mispricing due to internal capital markets - a mechanism unique to complex ownership firms. Higher internal capital market activity among ownership-linked firms also induces larger investments and lower external financing of the focal firm.

引用

页数：22

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