haku: @indexterm structural analysis / yhteensä: 146
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| Tekijä: | Chen, N.F. Chan, K.C. |
| Otsikko: | Structural and return characteristics of small and large firms |
| Lehti: | Journal of Finance
1991 : SEP, VOL. 46:4, p. 1467-1484 |
| Asiasana: | ORGANIZATIONAL SIZE STRUCTURAL ANALYSIS DIVIDEND POLICY RETURN ON INVESTMENT |
| Kieli: | eng |
| Tiivistelmä: | Differences in structural characteristic that lead firms of different sizes to react differently to the same economic news are examined. It is found that a small firm portfolio contains a large proportion of marginal firms - firms with low production efficiency and high financial leverage. Two size-matched return indices were constructed to mimic the return behavior of marginal firms. The result is that these return indices are important in explaining the time-series return difference between small and large firms. Risk exposures to these indices are as powerful as logsize in explaining average returns of size-ranked portfolios. |
SCIMA