Title
Asset Growth and Stock Returns: Evidence from Asian Financial Markets
Document Type
Article
Publication Date
1-2011
Publication Source
Pacific-Basin Finance Journal
Abstract
This study examines the effect of corporate asset growth on stock returns using data on nine equity markets in Asia. For the period from 1981 to 2007, we find a pervasive negative relation between asset growth and subsequent stock returns. Such relation is weaker in markets where firms' asset growth rates are more homogeneous and persistent and in markets where firms rely more on bank financing for growth. On the other hand, corporate governance, investor protection, and legal origin do not influence the magnitude of the asset growth effect in Asian markets.
Inclusive pages
115–139
ISBN/ISSN
0927-538X
Copyright
Copyright © 2011, Elsevier
Publisher
Elsevier
Volume
19
Peer Reviewed
yes
Issue
1
eCommons Citation
Yao, Tong; Yu, Tong; Zhang, Ting; and Chen, Shaw, "Asset Growth and Stock Returns: Evidence from Asian Financial Markets" (2011). Economics and Finance Faculty Publications. 35.
https://ecommons.udayton.edu/eco_fac_pub/35
COinS
Comments
Permission documentation is on file.
Ting Zhang is also known as Jeffrey Zhang.