Real investment and risk dynamics

We ask to what extent the negative relation between investment and average stock returns is driven by risk. We show that: (i) the average return spread between low and high asset growth and investment portfolios is largely accounted for by their spread in systematic risk, as measured by the loadings...

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Veröffentlicht in:	Journal of financial economics 2011-07, Vol.101 (1), p.182-205
Hauptverfasser:	Cooper, Ilan, Priestley, Richard
Format:	Artikel
Sprache:	eng
Schlagworte:	Average Economic activity Economic models Expected returns Financial assets Financial risks Forecasts Investment analysis Investments Portfolio analysis Portfolio investments q-theory Rates of return Real investment Real investment Expected returns Systematic risk q-theory Real options Real options Risk assessment Stock returns Studies Systematic risk
Online-Zugang:	Volltext
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