Real investment and risk dynamics
نویسندگان
چکیده
منابع مشابه
Real Investment and Risk Dynamics
Firmssystematic risk falls (increases) sharply following investment (disinvestment). This risk dynamics is driven by real investment and not by changes in rm characteristics and is strongest among rms with valuable investment opportunities, highly irreversible investment and low operating leverage. Consistent with rational pricing, rms with poor investment opportunities, those most likely t...
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ژورنال
عنوان ژورنال: Journal of Financial Economics
سال: 2011
ISSN: 0304-405X
DOI: 10.1016/j.jfineco.2011.02.002