标题：Market Development and the Asset Growth Effect: International Evidence

汇报人：K.C. John Wei（Hong Kong University of Science and Technology）

功夫：2012年6月12日（周二）10:00-11:30am

地址：J9集团国际站酒店K03教室

提要：Recent studies have documented that, in the United States, firms that increase investment or total assets subsequently earn lower risk-adjusted returns, which is referred to as the investment or asset growth effect. In this study, we find substantial cross-country differences in the asset growth effect. In particular, the asset growth effect is stronger in countries with more developed financial markets, which provide firms with more flexibility to time their investment expenditures as prescribed by the q-theory. However, the cross-country differences in the asset growth effect are not associated with corporate governance or the costs of trading, which is inconsistent with the overinvestment hypothesis.

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