Yao, Tong; Yu, Tong; Zhang, Ting; Chen, Shaw - In: Pacific-Basin Finance Journal 19 (2011) 1, pp. 115-139
This study examines the effect of corporate asset growth on stock returns using data on nine equity markets in Asia. For the period from 1981 to 2007, we find a pervasive negative relation between asset growth and subsequent stock returns. Such relation is weaker in markets where firms' asset...