Corporate Sales, Equity Trading, and Risk
提出并检验了一个解释：企业产品销售作为信息流驱动股票交易，由于销售增加同时提升现金流和交易量，导致股票回报与交易活动正相关。
This paper proposes and investigates an explanation for a positive association between the signed value of common share returns and trading activity. The mixture of distributions model for stock returns and trading is applied with the added assumption that product sales for a firm is the directing process which generates the flow of information to equity markets. Because trading depends upon information arrival, sales and trading are positively related. Also, because contribution margin is positive, cash flows increase with sales. Dependence of both cash flows and trading on sales implies that returns and trading are also positively related. This explanation is tested in this paper.