haku: @author Polk, C. / yhteensä: 5
viite: 4 / 5
| Tekijä: | Lament, O. Polk, C. Saa-Requejo, J. |
| Otsikko: | Financial Constraints and Stock Returns |
| Lehti: | Review of Financial Studies
2001 : SUMMER, VOL. 14:2, p. 529-554 |
| Asiasana: | FINANCE STOCKS STOCK RETURNS |
| Kieli: | eng |
| Tiivistelmä: | The authors test whether the impact of financial constraints on firm value is observable in stock returns. The authors form portfolios of firms based on observable characteristics related to financial constraints and test for common variation in stock returns. Financially constrained firms' stock returns move together over time, suggesting that constrained firms are subject to common shocks. Constrained firms have low average stock returns in our 1968-1997 samples of growing manufacturing firms. The authors find no evidence that the relative performance of constrained firms reflects monetary policy, credit conditions, or business cycles. |
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