منابع مشابه
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Investment-based asset pricing research highlights the role of irreversibility as a determinant of firms’ risk and expected return. In a neoclassical model of a firm with costly scale adjustment options, we show that the effect of scale flexibility (i.e., contraction and expansion options) is to determine the relation between risk and operating leverage: risk increases with operating leverage f...
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ژورنال
عنوان ژورنال: Journal of Financial Economics
سال: 1987
ISSN: 0304-405X
DOI: 10.1016/0304-405x(87)90066-3