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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/129870
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/129870


    Title: Returns to Scale and Asset Prices
    Authors: 湛可南
    Chan, Konan
    陳鴻崑
    Chen, Hung-Kun
    王衍智
    Wang, Yanzhi
    Contributors: 財管系
    Keywords: asset growth;investment;net share issuance;q-theory;returns toscale
    Date: 2009-11
    Issue Date: 2020-05-26 13:43:21 (UTC+8)
    Abstract: 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.
    Relation: Journal of Business Finance & Accounting, Vol.46, pp.1299-1318
    Data Type: article
    DOI 連結: https://doi.org/10.1111/jbfa.12408
    DOI: 10.1111/jbfa.12408
    Appears in Collections:[財務管理學系] 期刊論文

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