The influence of the stock market on corporate investment

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dc.contributor.advisorWest, Darronen_ZA
dc.contributor.authorArmand, Rayanneen_ZA
dc.date.accessioned2016-09-14T12:50:40Z
dc.date.available2016-09-14T12:50:40Z
dc.date.issued2016en_ZA
dc.description.abstractThis paper investigates how corporate investment is influenced by the non-fundamental component of stock prices. Previous research conducted has found that investment is sensitive to equity mispricing where both the stock is undervalued and the firm is dependent on equity. Under these conditions the firm would need to issue undervalued equity to fund new investment. The suggestion is that the investment behaviours of equity dependent firms display a stronger correlation to stock prices than firms that are not dependent on equity. It is of particular interest to investigate the effect of equity-dependence on corporate investment in South Africa as developing economies often do not have access to debt due to under-developed credit markets.en_ZA
dc.identifier.apacitationArmand, R. (2016). <i>The influence of the stock market on corporate investment</i>. (Thesis). University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax. Retrieved from http://hdl.handle.net/11427/21747en_ZA
dc.identifier.chicagocitationArmand, Rayanne. <i>"The influence of the stock market on corporate investment."</i> Thesis., University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 2016. http://hdl.handle.net/11427/21747en_ZA
dc.identifier.citationArmand, R. 2016. The influence of the stock market on corporate investment. University of Cape Town.en_ZA
dc.identifier.ris TY - Thesis / Dissertation AU - Armand, Rayanne AB - This paper investigates how corporate investment is influenced by the non-fundamental component of stock prices. Previous research conducted has found that investment is sensitive to equity mispricing where both the stock is undervalued and the firm is dependent on equity. Under these conditions the firm would need to issue undervalued equity to fund new investment. The suggestion is that the investment behaviours of equity dependent firms display a stronger correlation to stock prices than firms that are not dependent on equity. It is of particular interest to investigate the effect of equity-dependence on corporate investment in South Africa as developing economies often do not have access to debt due to under-developed credit markets. DA - 2016 DB - OpenUCT DP - University of Cape Town LK - https://open.uct.ac.za PB - University of Cape Town PY - 2016 T1 - The influence of the stock market on corporate investment TI - The influence of the stock market on corporate investment UR - http://hdl.handle.net/11427/21747 ER - en_ZA
dc.identifier.urihttp://hdl.handle.net/11427/21747
dc.identifier.vancouvercitationArmand R. The influence of the stock market on corporate investment. [Thesis]. University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 2016 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/21747en_ZA
dc.language.isoengen_ZA
dc.publisher.departmentDepartment of Finance and Taxen_ZA
dc.publisher.facultyFaculty of Commerceen_ZA
dc.publisher.institutionUniversity of Cape Town
dc.subject.otherFinancial Managementen_ZA
dc.titleThe influence of the stock market on corporate investmenten_ZA
dc.typeMaster Thesis
dc.type.qualificationlevelMasters
dc.type.qualificationnameMComen_ZA
uct.type.filetypeText
uct.type.filetypeImage
uct.type.publicationResearchen_ZA
uct.type.resourceThesisen_ZA
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