کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
1031796 943088 2013 12 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The impact of inventory dynamics on long-term stock returns – An empirical investigation of U.S. manufacturing companies
موضوعات مرتبط
مهندسی و علوم پایه سایر رشته های مهندسی مهندسی صنعتی و تولید
پیش نمایش صفحه اول مقاله
The impact of inventory dynamics on long-term stock returns – An empirical investigation of U.S. manufacturing companies
چکیده انگلیسی

This paper investigates the relationship between the inventory dynamics and long-term stock returns of a large panel of U.S. manufacturing firms over the time period from 1991 to 2010. We propose two measures of inventory dynamics: one metric to assess the fluctuations of quarterly inventories within the year and a second metric to quantify relative year-over-year inventory growth. Our results indicate that within-year inventory volatility (IV) and abnormal year-over-year inventory growth (ABI) are associated with abnormal stock returns. Both metrics cannot be entirely explained by common risk factors. We find that firms with high IV and low ABI have the best long-term stock returns, and that stock performance decreases monotonically with higher ABI values. Our results are robust to various control variables including size, book-to-market value, industry and prior performance. We therefore conclude that changes in inventory levels provide valuable insights into the risks and opportunities faced by a company.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Operations Management - Volume 31, Issue 5, July 2013, Pages 250–261
نویسندگان
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