کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5088867 1478326 2014 13 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The q-theory explanation for the external financing effect: New evidence
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
The q-theory explanation for the external financing effect: New evidence
چکیده انگلیسی
Several studies document a robust negative association between net external financing and average stock returns, which is referred to as the external financing effect. Using total asset growth as a comprehensive measure of overall corporate investment and total profitability gross of R&D expenditures as a measure of true economic profitability, we provide new evidence in support of the q-theory explanation for the external financing effect. We also test the market timing explanation for the external financing effect but fail to document supportive evidence.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 49, December 2014, Pages 69-81
نویسندگان
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