Asset growth and stock returns: Evidence from Asian financial markets

被引：26

作者：

Yao, Tong ^{[2
]}

Yu, Tong ^{[1
]}

Zhang, Ting ^{[3
]}

Chen, Shaw ^{[1
]}

机构：

[1] Univ Rhode Isl, Coll Business Adm, Kingston, RI 02881 USA

[2] Univ Iowa, Tippie Coll Business, Dept Finance, Iowa City, IA 52242 USA

[3] Univ Dayton, Dept Econ & Finance, Dayton, OH 45469 USA

来源：

PACIFIC-BASIN FINANCE JOURNAL | 2011年 / 19卷 / 01期

关键词：

Asset growth; Asian financial markets; Return predictability; Market efficiency; LONG-RUN PERFORMANCE; COMMERCIAL-BANKS; INVESTMENT; OWNERSHIP; PUZZLE; LAW;

D O I：

10.1016/j.pacfin.2010.09.004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines the effect of corporate asset growth on stock returns using data on nine equity markets in Asia. For the period from 1981 to 2007, we find a pervasive negative relation between asset growth and subsequent stock returns. Such relation is weaker in markets where firms' asset growth rates are more homogeneous and persistent and in markets where firms rely more on bank financing for growth. On the other hand, corporate governance, investor protection, and legal origin do not influence the magnitude of the asset growth effect in Asian markets. Published by Elsevier B.V.

引用

页码：115 / 139

页数：25

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