Burton, Bruce M.; Lonie, A. Alasdair; Power, David M. - In: Journal of Business Finance & Accounting 26 (1999-06) 5&6, pp. 681-708
In this paper we provide novel evidence about the market reaction to capital expenditure announcements in the UK using a sample of nearly 500 disclosures made between 1989 and 1991. First, we show that the market reaction to joint venture announcements is significantly positive, whilst similar...