Growth Opportunities, Technology Shocks, and Asset Prices
We explore the impact of investment-specific technology (IST) shocks on the cross section of stock returns. Using a structural model, we show that IST shocks have a differential effect on the value of assets in place and the value of growth opportunities. This differential sensitivity to IST shocks...
| Main Authors: | , |
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| Other Authors: | |
| Format: | Article |
| Language: | en_US |
| Published: |
American Finance Association/Wiley
2015
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| Online Access: | http://hdl.handle.net/1721.1/98887 https://orcid.org/0000-0001-9387-9728 |