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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w20880 |
来源ID | Working Paper 20880 |
Are Firms in \"Boring\" Industries Worth Less? | |
Jia Chen; Kewei Hou; René M. Stulz | |
发表日期 | 2015-01-26 |
出版年 | 2015 |
语种 | 英语 |
摘要 | Using theories from the behavioral finance literature to predict that investors are attracted to industries with more salient outcomes and that therefore firms in such industries have higher valuations, we find that firms in industries that have high industry-level dispersion of profitability have on average higher market-to-book ratios than firms in low dispersion industries. This positive relation between market-to-book ratios and industry profitability dispersion is economically large and statistically significant and is robust to controlling for variables used to explain firm-level valuation ratios in the literature. Consistent with the mispricing explanation of this finding, we show that firms in less boring industries have a lower implied cost of equity and lower realized returns. We explore alternative explanations for our finding, but find that these alternative explanations cannot explain our results. |
主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Corporate Finance |
URL | https://www.nber.org/papers/w20880 |
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/578555 |
推荐引用方式 GB/T 7714 | Jia Chen,Kewei Hou,René M. Stulz. Are Firms in \"Boring\" Industries Worth Less?. 2015. |
条目包含的文件 | 条目无相关文件。 |
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