G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w20880
来源IDWorking 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
URLhttps://www.nber.org/papers/w20880
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/578555
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GB/T 7714
Jia Chen,Kewei Hou,René M. Stulz. Are Firms in \"Boring\" Industries Worth Less?. 2015.
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