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| Tekijä: | Danbolt, J. Hirst, I.R.C. Jones, E. |
| Otsikko: | The growth companies puzzle: Can growth opportunities measures predict firm growth? |
| Lehti: | European Journal of Finance
2011 : JAN/FEB, VOL. 17:1-2, p. 1-25 |
| Asiasana: | company growth earnings models listed companies United Kingdom |
| Kieli: | eng |
| Tiivistelmä: | Based on a sample of more than 1940 firm-years for listed UK companies from 1990 to 2004, this study assesses the performance of eight growth opportunities measures. It is found that while all the growth measures show some ability to predict growth in company sales, total assets, or equity, there are substantial differences between the various models. Particularly, Tobin's Q performs poorly while dividend-based measures generally perform best. However, none of the measures has any success in predicting earnings per share growth, even when controlling for mean reversion and other time-series patterns in earnings. This is called the 'growth companies puzzle' etc. |
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