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Is the asset growth anomaly driven by macroeconomic states?

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  • Klaus Grobys

Abstract

This study examines the asset growth anomaly in the presence of different macroeconomic states. The results show that the asset growth effect is strongly associated with macroeconomic conditions. When the economy is quiet, the spread between low and high investment firms is small and insignificant. In times of economic stress, the spread is economically large and statistically significant. The results support risk-based explanations for the asset growth effect in line with q-theory.

Suggested Citation

  • Klaus Grobys, 2016. "Is the asset growth anomaly driven by macroeconomic states?," Applied Economics Letters, Taylor & Francis Journals, vol. 23(8), pages 576-579, May.
    • Handle: RePEc:taf:apeclt:v:23:y:2016:i:8:p:576-579
    DOI: 10.1080/13504851.2015.1088137
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    Cited by:

    1. Lalwani, Vaibhav & Chakraborty, Madhumita, 2018. "Asset pricing factors and future economic growth," Economics Letters, Elsevier, vol. 168(C), pages 151-154.

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