KOGAN, LEONID; PAPANIKOLAOU, DIMITRIS - In: Journal of Finance 69 (2014) 2, pp. 675-718
type="main" <title type="main">ABSTRACT</title> <p>We explore the impact of investment-specific technology (IST) shocks on the cross section of stock returns. Using a structural model, we show that IST shocks have a differential effect on the value of assets in place and the value of growth opportunities. This differential...</p>