دانلود مقاله ISI انگلیسی شماره 45503
عنوان فارسی مقاله

رابطه بین رشد دارایی و سطح مقطع بازده سهام: شواهدی از بازار سهام چین

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
45503 2015 9 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
The relation between asset growth and the cross-section of stock returns: Evidence from the Chinese stock market
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Economic Modelling, Volume 44, January 2015, Pages 59–67

کلمات کلیدی
شرکت سرمایه گذاری - بازده سهام - بازار سهام چین - قیمت گذاری دارایی
پیش نمایش مقاله
پیش نمایش مقاله رابطه بین رشد دارایی و سطح مقطع بازده سهام: شواهدی از بازار سهام چین

چکیده انگلیسی

This study examines the effect of firm investment on stock returns by using data on the Chinese stock market. We find that stocks with higher investment experience lower future returns and there is an obvious investment effect in the Chinese stock market. The investment effect is stronger for firms that have higher cash flows, lower debt or for state-owned firms. We further explore the relation between investment and returns over the 3 years around portfolio formation. The results show that the high investment firms earn higher returns than low investment firms before portfolio formation; however the high investment firms earn lower returns than low investment firms after portfolio formation, such evidence is supportive of investor's overreaction explanation. Additionally, the stock returns don't necessarily decrease after investment, and the stock returns don't significantly positively correlate with firm profitability or book-to-market, so the result don't support risk-based explanation. Overall, both our portfolio sort and two-stage cross-sectional regression analysis show that behavioral finance theories are better than risk-based theories in explaining the investment anomaly. Evidence from the Chinese stock market provides a useful perspective to understand the debate on the investment anomaly.

خرید مقاله
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