haku: @author Zhang, L. / yhteensä: 12
viite: 4 / 12
| Tekijä: | Li, D. Zhang, L. |
| Otsikko: | Does q-theory with investment frictions explain anomalies in the cross section of returns? |
| Lehti: | Journal of Financial Economics
2010 : NOV, VOL. 98:2 p. 297-314 |
| Asiasana: | asset valuation discount rate financial theory finance companies growth |
| Kieli: | eng |
| Tiivistelmä: | Q-theory predicts that investment frictions steepen the relation between expected returns and firm investment. Using financing constraints to proxy for investment frictions, this paper presents only weak evidence that the investment-to-assets and asset growth effects in the cross-section of returns are stronger in financially more constrained firms than in financially less constrained firms. There is no evidence that q-theory with investment frictions explains the investment growth, net stock issues, abnormal corporate investment, or net operating assets anomalies. Limits-to-arbitrage proxies dominate q-theory with investment frictions in explaining the magnitude of the investment-to-assets and asset growth anomalies in direct comparisons. |
SCIMA