Purpose – The purpose of this paper is to determine whether corporate investment in real fixed assets in hot issue markets leads to higher income to shareholders than that in other equity market conditions. Design/methodology/approach -The authors address the research question in two steps:...

Purpose – The purpose of this paper is to determine whether corporate investment in real fixed assets in hot issue markets leads to higher income to shareholders than that in other equity market conditions. Design/methodology/approach – The authors address the research question in two steps:...