| 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 | en_US |
| ISSN | 0306-686X |
| 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 | 是 |
| 國別 | USA |
| 公開徵稿 | |
| 出版型式 | ,電子版,紙本 |
| 相關連結 |
機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/117830 ) |
| SDGS | 尊嚴就業與經濟發展 |
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