External Financing, Growth and Stock Returns
研究了价值/增长异象与公司融资活动异象的关系，发现外部融资指标能捕捉与盈余质量相关的股票回报，且两者部分独立，可能反映投资者对机会主义盈余管理影响的误解。
Abstract In this paper we investigate the relation of the value/growth anomaly with the anomaly on corporate financing activities. We confirm and expand earlier results that value/growth and external financing indicators are, to some degree, related predictors of stock returns in the cross section. We show that external financing indicators are incrementally informative since they pick up stock returns associated with earnings quality. Portfolios that combine information from both these indicators generate significantly higher returns than portfolios containing each individual indicator. More importantly, our analysis strongly suggests that the external financing anomaly is, to some extent, distinct from the value/growth anomaly, in that it may also reflect investors’ misunderstanding of the effects of opportunistic earnings management.