| DC Field | Value | Language |
|---|---|---|
| dc.contributor | School of Accounting and Finance | en_US |
| dc.creator | Lam, FYEC | en_US |
| dc.creator | Li, Y | en_US |
| dc.creator | Prombutr, W | en_US |
| dc.creator | Wei, KCJ | en_US |
| dc.date.accessioned | 2021-05-18T08:20:39Z | - |
| dc.date.available | 2021-05-18T08:20:39Z | - |
| dc.identifier.issn | 1354-7798 | en_US |
| dc.identifier.uri | http://hdl.handle.net/10397/90068 | - |
| dc.language.iso | en | en_US |
| dc.publisher | Wiley-Blackwell Publishing Ltd. | en_US |
| dc.subject | Investment | en_US |
| dc.subject | Investment frictions | en_US |
| dc.subject | Limits-to-arbitrage | en_US |
| dc.subject | Q-theory | en_US |
| dc.subject | Stock returns | en_US |
| dc.title | Limits-to-arbitrage, investment frictions, and the investment effect : new evidence | en_US |
| dc.type | Journal/Magazine Article | en_US |
| dc.identifier.spage | 3 | en_US |
| dc.identifier.epage | 43 | en_US |
| dc.identifier.volume | 26 | en_US |
| dc.identifier.issue | 1 | en_US |
| dc.identifier.doi | 10.1111/eufm.12216 | en_US |
| dcterms.abstract | This study comprehensively reexamines the debate over behavioral and rational explanations for the investment effect in an updated sample. We closely follow the previous literature and provide several differences. Our tests include five prominent measures of corporate investment and corporate profitability in q-theory and recent investment-based asset pricing models. Both classical and Bayesian inferences show that limits-to-arbitrage tend to be supported by more evidence than investment frictions for all investment measures. When idiosyncratic volatility and cash flow volatility are used in measuring investment frictions, the inference is more favorable for the rational explanation. | en_US |
| dcterms.accessRights | embargoed access | en_US |
| dcterms.bibliographicCitation | European financial management, 1 Jan. 2020, v. 26, no. 1, p. 3-43 | en_US |
| dcterms.isPartOf | European financial management | en_US |
| dcterms.issued | 2020-01 | - |
| dc.identifier.scopus | 2-s2.0-85077192613 | - |
| dc.identifier.eissn | 1468-036X | en_US |
| dc.description.validate | 202105 bchy | en_US |
| dc.description.oa | Not applicable | en_US |
| dc.identifier.FolderNumber | a0801-n12 | - |
| dc.description.fundingSource | RGC | en_US |
| dc.description.fundingText | RGC: 299913-ECS, 12501414 | en_US |
| dc.description.pubStatus | Published | en_US |
| dc.date.embargo | 2022.06.30 | en_US |
| Appears in Collections: | Journal/Magazine Article | |
Access
View full-text via PolyU eLinks 
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.