| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w6210 |
| 来源ID | Working Paper 6210 |
| Financial Constraints and Stock Returns | |
| Owen Lamont; Christopher Polk; Jesus Saa-Requejo | |
| 发表日期 | 1997-10-01 |
| 出版年 | 1997 |
| 语种 | 英语 |
| 摘要 | We test whether the impact of financial constraints on firm value is observable in asset" returns. We form portfolios of firms based on observable characteristics related to financial" constraints, and test for common covariation in the stock returns of these firms. Using several" different measures of financial constraints, we find that financially constrained firms' stock" returns move together over time. This financial constraint factor in stock returns is related to not well explained by, other empirically identified factors in asset returns. Constrained firms" have remarkably low returns in our sample period of 1968-1995, both unconditionally and in the" context of empirical asset pricing models. Financial constraint returns help explain returns" following initial public offerings and dividend omissions. We find only limited support for the" hypothesis that the relative performance of financially constrained firms reflects monetary" policy, credit conditions, and business cycles. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Corporate Finance |
| URL | https://www.nber.org/papers/w6210 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/563722 |
| 推荐引用方式 GB/T 7714 | Owen Lamont,Christopher Polk,Jesus Saa-Requejo. Financial Constraints and Stock Returns. 1997. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w6210.pdf（2887KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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