In a multiperiod investment framework, firms with high expected growth earn higher expected returns than firms with low expected growth, holding investment and expected profitability constant. This paper forms cross-sectional growth forecasts, and constructs an expected growth factor that yields...

Lignin hydropyrolysis characteristics were investigated in a high-pressure micro-reactor with on-line analysis. The effects of atmosphere, pressure, and temperature on product formation during lignin pyrolysis were quantitatively studied. The formation mechanisms of typical products were...