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Article: The asset growth effect: Insights from international equity markets

TitleThe asset growth effect: Insights from international equity markets
Authors
KeywordsAsset Growth
International Equity Markets
Optimal Investment Effect
Q-Theory
Return Predictability
Issue Date2013
PublisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jfec
Citation
Journal Of Financial Economics, 2013, v. 108 n. 2, p. 529-563 How to Cite?
AbstractFirms with higher asset growth rates subsequently experience lower stock returns in international equity markets, consistent with the U.S. evidence. This negative effect of asset growth on returns is stronger in more developed capital markets and markets where stocks are more efficiently priced, but is unrelated to country characteristics representing limits to arbitrage, investor protection, and accounting quality. The evidence suggests that the cross-sectional relation between asset growth and stock return is more likely due to an optimal investment effect than due to overinvestment, market timing, or other forms of mispricing. © 2012 Elsevier B.V.
Persistent Identifierhttp://hdl.handle.net/10722/188473
ISSN
2015 Impact Factor: 3.541
2015 SCImago Journal Rankings: 9.920
SSRN
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorWatanabe, Aen_US
dc.contributor.authorXu, Yen_US
dc.contributor.authorYao, Ten_US
dc.contributor.authorYu, Ten_US
dc.date.accessioned2013-09-03T04:07:48Z-
dc.date.available2013-09-03T04:07:48Z-
dc.date.issued2013en_US
dc.identifier.citationJournal Of Financial Economics, 2013, v. 108 n. 2, p. 529-563en_US
dc.identifier.issn0304-405Xen_US
dc.identifier.urihttp://hdl.handle.net/10722/188473-
dc.description.abstractFirms with higher asset growth rates subsequently experience lower stock returns in international equity markets, consistent with the U.S. evidence. This negative effect of asset growth on returns is stronger in more developed capital markets and markets where stocks are more efficiently priced, but is unrelated to country characteristics representing limits to arbitrage, investor protection, and accounting quality. The evidence suggests that the cross-sectional relation between asset growth and stock return is more likely due to an optimal investment effect than due to overinvestment, market timing, or other forms of mispricing. © 2012 Elsevier B.V.en_US
dc.languageengen_US
dc.publisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jfecen_US
dc.relation.ispartofJournal of Financial Economicsen_US
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.rightsNOTICE: this is the author’s version of a work that was accepted for publication in Journal of Financial Economics. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in PUBLICATION, [VOL 108, ISSUE 2, (2013)] DOI 10.1016/j.jfineco.2012.12.002-
dc.subjectAsset Growthen_US
dc.subjectInternational Equity Marketsen_US
dc.subjectOptimal Investment Effecten_US
dc.subjectQ-Theoryen_US
dc.subjectReturn Predictabilityen_US
dc.titleThe asset growth effect: Insights from international equity marketsen_US
dc.typeArticleen_US
dc.identifier.emailXu, Y: yanxuj@hku.hken_US
dc.identifier.authorityXu, Y=rp01799en_US
dc.description.naturepreprinten_US
dc.identifier.doi10.1016/j.jfineco.2012.12.002en_US
dc.identifier.scopuseid_2-s2.0-84876324453en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-84876324453&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume108en_US
dc.identifier.issue2en_US
dc.identifier.spage529en_US
dc.identifier.epage563en_US
dc.identifier.isiWOS:000318383200013-
dc.publisher.placeNetherlandsen_US
dc.identifier.ssrn1787237-
dc.identifier.scopusauthoridWatanabe, A=36905959700en_US
dc.identifier.scopusauthoridXu, Y=36711141200en_US
dc.identifier.scopusauthoridYao, T=16200260500en_US
dc.identifier.scopusauthoridYu, T=23971846300en_US

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