Dissecting the Asset Growth Anomaly
Studies have shown that firm asset growth predicts cross-sectional stock returns. Firms that shrink their assets earn superior returns while firms that substantially expand their assets incur poor returns in the following years. I show that the negative asset growth often implies poor operating perf...
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| Format: | text |
| Language: | English |
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Institutional Knowledge at Singapore Management University
2014
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| Online Access: | https://ink.library.smu.edu.sg/lkcsb_research/4494 https://ink.library.smu.edu.sg/context/lkcsb_research/article/5493/viewcontent/Fangjianfu.pdf |
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| Institution: | Singapore Management University |
| Language: | English |