Hull, Robert Martin - In: International Journal of Financial Studies : open … 11 (2023) 1, pp. 1-39
, valuation, leverage gain, and growth-related outcomes. All tests considered, NPs (compared to CCs) have a 34.90% valuation … advantage; achieve a 78.12% greater increase in value when going from nongrowth to growth (using a 12.34% lower plowback ratio …