教師資料查詢 | 類別: 期刊論文 | 教師: 陳鴻崑 Hung-Kun Chen (瀏覽個人網頁)

標題:Returns to scale and asset prices
學年108
學期1
出版(發表)日期2019/09/13
作品名稱Returns to scale and asset prices
作品名稱(其他語言)
著者Hung-Kun Chen; Konan Chan; Yanzhi Wang
單位
出版者
著錄名稱、卷期、頁數Journal of Business Finance & Accounting 46(9-10), p.1299-1318
摘要The q-theory of investment is proposed to explain firm growth effects, where previous papers identify a negative effect of firm growth, including asset growth, real investment, and net share issuance, on future stock returns. This paper uses returns to scale from the production function to test the dynamic q-theory, which predicts that the firm growth effect is theoretically weaker for firms with decreasing returns to scale (DRS) than for non-DRS firms. Our empirical results generally support the prediction of dynamic q-theory. However, we find that the dynamic q-theory explains little of the value, momentum, and ROE effects from the standpoint of returns to scale.
關鍵字asset growth;investment;net share issuance;q-theory;returns to scale
語言英文(美國)
ISSN0306-686X
期刊性質國外
收錄於SSCI;EI;
產學合作
通訊作者Yanzhi Wang
審稿制度
國別美國
公開徵稿
出版型式,電子版,紙本
相關連結
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