{"id":325,"date":"2012-08-02T13:11:26","date_gmt":"2012-08-02T10:11:26","guid":{"rendered":"http:\/\/hardouvelis.gr\/?p=325"},"modified":"2023-08-03T14:13:33","modified_gmt":"2023-08-03T11:13:33","slug":"external-financing-growth-stock-returns","status":"publish","type":"post","link":"https:\/\/hardouvelis.gr\/el\/external-financing-growth-stock-returns\/","title":{"rendered":"External Financing, Growth and Stock Returns"},"content":{"rendered":"<p><strong>External Financing, Growth and Stock Returns<\/strong><br \/>\nAuthors: G. Hardouvelis, G.Papanastasopoulos, D.Thomakos, T.Wang<br \/>\n<em>January 2010, Journal:European Financial Management<\/em><\/p>\n<p>Abstract<\/p>\n<p>In this paper we investigate the relation of the value\/growth anomaly with the anomaly<br \/>\non corporate financing activities. We confirm and expand earlier results that value\/growth and<br \/>\nexternal financing indicators are, to some degree, related predictors of stock returns in the cross<br \/>\nsection. We show that external financing indicators are incrementally informative since they pick<br \/>\nup stock returns associated with earnings quality. Portfolios that combine information from both<br \/>\nthese indicators generate significantly higher returns than portfolios containing each individual<br \/>\nindicator. More importantly, our analysis strongly suggests that the external financing anomaly is,<br \/>\nto some extent, distinct from the value\/growth anomaly, in that it may also reflect investors\u2019<br \/>\nmisunderstanding of the effects of opportunistic earnings management.<br \/>\n<em><strong>Keywords<\/strong><\/em>: Corporate financing activities, value\/growth, earnings quality, stock returns<br \/>\n<em><strong>JEL classification<\/strong><\/em>: G10, M4<\/p>\n<p><a href=\"http:\/\/hardouvelis.gr\/wp-content\/uploads\/2017\/12\/hardouvelis-et-al.-2009-final-draft.pdf\" target=\"_blank\" rel=\"noopener\">Download External Financing, Growth and Stock Returns pdf<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>External Financing, Growth and Stock Returns Authors: G. Hardouvelis, G.Papanastasopoulos, D.Thomakos, T.Wang January 2010, Journal:European Financial Management Abstract In this<\/p>\n","protected":false},"author":1,"featured_media":4399,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4,5],"tags":[3251],"yst_prominent_words":[165,160,168,171,157,159,153,161,169,166,163,155,154,167,162,156,170,172,158,164],"class_list":["post-325","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-academic-publications","category-publications-in-refereed-academic-journals","tag-academic-publications"],"acf":[],"_links":{"self":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/325","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/comments?post=325"}],"version-history":[{"count":3,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/325\/revisions"}],"predecessor-version":[{"id":2608,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/325\/revisions\/2608"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/media\/4399"}],"wp:attachment":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/media?parent=325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/categories?post=325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/tags?post=325"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/yst_prominent_words?post=325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}