What is Behind the Asset Growth and Investment Growth Anomalies?

• 主要作者: FU, Fangjian
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2011
• 主題: Asset Growth; Investment Growth; Cross-Sectional Stock Returns; Return Anomaly; Delisting; Equity and Debt Issuances; External Financing; Finance and Financial Management; Portfolio and Security Analysis
• 在線閱讀: https://ink.library.smu.edu.sg/lkcsb_research/3159; https://ink.library.smu.edu.sg/context/lkcsb_research/article/4158/viewcontent/FuFJ2011Asset_and_Investment_Growth_Anomalies_FMA.pdf
• 機構: Singapore Management University

Existing studies show that firm asset and investment growth predict cross-sectional stock returns. Firms that shrink their assets or investments subsequently earn higher returns than firms that expand their assets or investments. I show that the superior returns of the low asset and investment growt...