Walkshaeusl, Christian (2015) Equity financing activities and European value-growth returns. JOURNAL OF BANKING & FINANCE, 57. pp. 27-40. ISSN 0378-4266, 1872-6372
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This paper extends the U.S. evidence in Bali et al. (2010) to European stock markets. Like in the United States, European value-growth returns are strongly dependent on the valuation signals contained in the firm's equity financing activities. The high returns of value firms are due to value purchasers, while the low returns of growth firms are due to growth issuers. Among value issuers and growth purchasers, there exists no value premium at all. The large return difference between value purchasers and growth issuers cannot be explained by common risk factors. However, employing Piotroski and So's (2012) recently proposed market expectation errors approach shows that the observed value-growth returns can be attributed to mispricing. (C) 2015 Elsevier B.V. All rights reserved.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | BOOK-TO-MARKET; CROSS-SECTIONAL RETURNS; STOCK RETURNS; INTERNATIONAL EVIDENCE; CONTRARIAN INVESTMENT; SHARE ISSUANCE; VALUE PREMIUM; RISK-FACTORS; SIZE; MOMENTUM; Value; Growth; Stock issues; Stock repurchases; International markets |
| Subjects: | 600 Technology > 650 Management & auxiliary services |
| Divisions: | Business, Economics and Information Systems > Institut für Betriebswirtschaftslehre > Lehrstuhl für Finanzdienstleistungen (Prof. Dr. Klaus Röder) |
| Depositing User: | Dr. Gernot Deinzer |
| Date Deposited: | 03 Jul 2019 13:06 |
| Last Modified: | 03 Jul 2019 13:06 |
| URI: | https://pred.uni-regensburg.de/id/eprint/5162 |
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