The Association Between Investment Opportunity Set Proxies and Realized Growth
The Association Between Investment Opportunity Set Proxies and Realized Growth
复制标题
投资机会集代理与已实现增长之间的关联
DOI：
10.1111/1468-5957.00265
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发表时间：
1999
影响因子：
2.9
通讯作者：
Mark A. Trombley
中科院分区：
文献类型：
--
作者：
Sanjay Kallapur;Mark A. Trombley
已实现增长可以被视为公司不可观察投资机会集（IOS）的代理，并提供了一个基准，IOS代理变量可以进行比较。这种比较的结果表明，早期研究中的许多变量，包括账面市值比率和资本支出与资产比率，始终与随后实现的增长相关。然而，研发强度和市盈率与随后的增长并没有表现出任何一致的关联，这表明它们可能不是有效的IOS代理。版权所有布莱克威尔出版社有限公司1999。
Realized growth can be viewed as a proxy for the unobservable investment opportunity set (IOS) of the firm, and provides a benchmark against which IOS proxy variables can be compared. Results from such a comparison indicate that many of the variables from earlier studies, including book-to-market measures and capital expenditure to assets ratios are consistently correlated with subsequently realized growth. However, R&D intensity and E/P ratios do not exhibit any consistent association with subsequent growth indicating that they may not be valid IOS proxies. Copyright Blackwell Publishers Ltd 1999.