| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12441 |
| DP12441 Inflexibility and Stock Returns | |
| Dirk Hackbarth; Timothy Johnson | |
| 发表日期 | 2017-11-15 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | 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. |
| 主题 | Financial Economics |
| 关键词 | Operating flexibility Real options Risk premia Stock returns |
| URL | https://cepr.org/publications/dp12441 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541252 |
| 推荐引用方式 GB/T 7714 | Dirk Hackbarth,Timothy Johnson. DP12441 Inflexibility and Stock Returns. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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