An investment-based explanation for the dispersion anomaly
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DOI: 10.1016/j.econlet.2019.108832
Abstract: We provide an investment-based explanation for the dispersion anomaly. The firms’ optimality condition predicts that expected stock returns equal investment returns (the ratio of expected marginal benefits of investment to marginal costs of investment). We… read more here.
Keywords: investment; investment based; based explanation; dispersion ... See more keywords