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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

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题名:	Returns to Scale and Asset Prices
作者:	湛可南 Chan, Konan 陳鴻崑 Chen, Hung-Kun 王衍智 Wang, Yanzhi
贡献者:	財管系
关键词:	asset growth;investment;net share issuance;q-theory;returns toscale
日期:	2009-11
上传时间:	2020-05-26 13:43:21 (UTC+8)
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.
關聯:	Journal of Business Finance & Accounting, Vol.46, pp.1299-1318
数据类型:	article
DOI 連結:	https://doi.org/10.1111/jbfa.12408
DOI:	10.1111/jbfa.12408
显示于类别:	[財務管理學系] 期刊論文

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