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http://ssrn.com/abstract=1683784
 
 

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Asset Growth and Stock Returns: Evidence from Asian Financial Markets


Tong Yao


University of Iowa - Henry B. Tippie College of Business

Tong Yu


University of Rhode Island - College of Business Administration

Ting Zhang


University of Dayton - School of Business Administration

Shaw Chen


University 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

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Date posted: September 30, 2010 ; Last revised: October 12, 2010

Suggested Citation

Yao, Tong and Yu, Tong and Zhang, Ting and Chen, Shaw, Asset Growth and Stock Returns: Evidence from Asian Financial Markets (September 1, 2010). Available at SSRN: http://ssrn.com/abstract=1683784 or http://dx.doi.org/10.2139/ssrn.1683784

Contact Information

Tong Yao
University of Iowa - Henry B. Tippie College of Business ( email )
108 Pappajohn Business Building
Iowa City, IA 52242-1000
United States
Tong Yu
University of Rhode Island - College of Business Administration ( email )
Kingston, RI 02881
United States
(401) 874-7415 (Phone)
(401) 874-4312 (Fax)
HOME PAGE: http://www.cba.uri.edu/tong
Ting Zhang (Contact Author)
University of Dayton - School of Business Administration ( email )
300 College Park
Dayton, OH 45469
United States
Shaw Chen
University of Rhode Island - College of Business Administration ( email )
Quinn Hall
55 Lower College Rd.
Kingston, RI 02881
United States
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