全球智库信息集成服务系统(G2TT): Costly External Finance: Implications for Capital Markets Anomalies

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w14342
来源ID	Working Paper 14342
	Costly External Finance: Implications for Capital Markets Anomalies
	Dongmei Li; Lu Zhang
发表日期	2008-09-19
出版年	2008
语种	英语
摘要	In a frictionless world, investment is perfectly elastic to changes in the discount rate. With financial frictions, investment is less elastic, meaning that a given magnitude of change in investment is associated with a higher magnitude of change in the discount rate. Equivalently, investment is a more powerful predictor of future stock returns. Consistent with this prediction, we document that the asset growth, external finance, and accrual anomalies in the cross-section of stock returns are much stronger in financially more constrained firms than in financially less constrained firms. Further tests show that this effect of financial constraints is distinct from the effect of financial distress and the effect of limits of arbitrage on the magnitude of the anomalies.
主题	Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets
URL	https://www.nber.org/papers/w14342
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/572016
推荐引用方式 GB/T 7714	Dongmei Li,Lu Zhang. Costly External Finance: Implications for Capital Markets Anomalies. 2008.