Overreaction to growth opportunities: An explanation of the asset growth anomaly
研究发现，资产增长与后续股票回报之间的负相关（资产增长异象）源于投资者对增长机会的过度反应，且增长型企业和资产增长历史较长的企业异象更显著。
Abstract The negative relation between asset growth and subsequent stock returns is known as the asset growth anomaly. We propose that overreaction to growth opportunities is the source of the asset growth anomaly. This suggests that growth firms as opposed to mature firms, and firms with longer series of asset growth should experience a stronger asset growth anomaly. Our evidence supports these predictions.