28 November

Financial implications of investment curtailments for listed firms: A global perspective

We would like to invite all finance enthusiasts and researchers to the November 2022 Kozminski Finance Research Seminar event. When? Monday, 28 November 2022 at 12:15 pm (CET, Warsaw time) Where? MS Teams (online) Details relating to remote access via Microsoft Teams will be provided following registration via e-mail (registration form follows at the bottom) ABSTRACT: Using a large sample of 33 565 firms spanning 43 countries over the period 1990 to2019, we find that curtailments in investments in physical capital expenditures are associated with negative and significant decreases in shareholder value as this sends an adverse signal to investors about the prospects of the firms. Our results are robust across different measures of financial and operating performance. We further highlight several firm specific channels through which curtailments in investments influence shareholder value.

Speaker: Chimwemwe Chipeta (Professor of Finance, University of Witwatersrand)

Chimwemwe Chipeta

Chimwemwe is a Professor of Corporate Finance and Head of the Finance Division in the School of Economics and Finance at the University of the Witwatersrand. He was a Visiting Scholar at the J. Mack Robinson College of Business at Georgia State University in the US. He is NRF rated (C2) and has published numerous papers in the field of Finance and Investments. His work appears in high impact journals such as Finance Research Letters, Emerging Markets Review and Journal of International Financial Markets, Institutions and Money. Chimwemwe is a recipient of several awards including the Research Excellence Award and has presented his research findings at numerous national and international conferences. He has several years of practical experience in areas relating to Degree Programme Development, Executive Education, Business Plan Development and Digital Asset Investments.