Dependent and Control Variables CAPX
Capital expenditures Compustat A Total assets As above [DELTA]A Total assets minus previous As above year's total assets CF Cash flow defined as earnings As above before extraordinary items plus depreciation and amortization expense Q Tobin's Q defined as the market As above value of assets to the book value of assets.
CAPX is the current period reported capital expenditures scaled by total assets and should be positively associated with returns (Clarkson, Li, and Richardson 2004).
4 CAPX ($ millions) 947 1,966 398 ENVLIAB ($ millions) 17.
15) We include CAP)( in the regression to see whether the market performance of equity issuers is affected by capital expenditures since CAPX
has been found to be related to stock returns (Titman, Wei, and Xie, 2004; Polk and Sapienza, 2009).
Sessions include: Application Platform Development - Opening the Door to the Future will address the processes and value chain interdependence that support application development and delivery from the network to the consumer; Femtocells - Relatively New Vocabulary That is Changing Mobile Coverage will feature providers and implementers of Femto who will address CAPX
, benefits garnered from implementations and future roll out expectations.
Since the provider no longer has to format this content locally, it requires as little as one tenth the traditional CAPX
cost to receive and deploy to subscribers.
In our opinion, the recent weakness in the stock price over concerns of domestic incumbent carriers and service providers reducing their CAPX
estimates is already reflected in our model and in Riverstone's current trading multiple.