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This paper examines whether firm-level asset investment effects in returns found for U.S. firms occur within the Greek stock market. We find that growth in total assets is strongly negatively related to future stock returns of Greek firms. In fact, the relation remains statistically significant,...
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The authors examine the negative relation of traditional accruals and % accruals with future returns in the Greek stock … market. Positive abnormal returns from hedge portfolios on both accrual measures summarize the economic significance of this … negative relation. The magnitude of returns obtained from traditional accruals is higher than that obtained from % accruals …
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