Bernardo, Antonio E.; Chowdhry, Bhagwan; Goyal, Amit - In: Financial Management 36 (2007) 2, pp. 1-13
We show how to decompose a firm's beta into its beta of assets-in-place and its beta of growth opportunities. Our empirical results demonstrate that the beta of growth opportunities is greater than the beta of assets-in-place for virtually all industries over all periods of time dating back to...
