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Asset Growth and Stock Returns: Evidence from Asian Financial MarketsTong YaoUniversity of Iowa - Henry B. Tippie College of Business Tong YuUniversity of Rhode Island - College of Business Administration Ting ZhangUniversity of Dayton - School of Business Administration Shaw ChenUniversity of Rhode Island - College of Business Administration September 1, 2010 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.
Number of Pages in PDF File: 43 working papers seriesDate posted: September 30, 2010 ; Last revised: October 12, 2010Suggested CitationContact Information
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