Inflexibility and Stock Returns
基于投资不可逆性，研究了企业规模调整灵活性（收缩与扩张选择）如何影响风险与经营杠杆的关系，发现僵化企业风险随经营杠杆上升，灵活企业则相反，实证支持了该交互作用对股票收益的影响。
Investment-based asset pricing research highlights the role of irreversibility as a determinant of firms' risk and expected return. In a neoclassical model of a firm with costly scale adjustment options, we show that the effect of scale flexibility (i.e., contraction and expansion options) is to determine the relation between risk and operating leverage: risk increases with operating leverage for inflexible firms, but decreases for flexible firms. Guided by theory, we construct easily reproducible proxies for inflexibility and operating leverage. Empirical tests provide support for the predicted interaction of these characteristics in stock returns and risk.