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dc.contributor.author | Prombutr, Wikrom | en_US |
dc.date.accessioned | 2008-08-08T02:31:11Z | |
dc.date.available | 2008-08-08T02:31:11Z | |
dc.date.issued | 2008-08-08T02:31:11Z | |
dc.date.submitted | April 2008 | en_US |
dc.identifier.other | DISS-2036 | en_US |
dc.identifier.uri | http://hdl.handle.net/10106/948 | |
dc.description.abstract | This dissertation comprises two essays on growth effects and opportunities experienced by companies and their implications for asset pricing models. In the first essay, I develop and test a model to explain the empirically observed value-growth stock return effect using real options theory. I simulate results from a real options model for two firm types. One type, the "value" firm, has a single growth opportunity. The other type, the "growth" firm, has infinitely repeated growth opportunities. Growth firms: (1) invest sooner, (2) pursue less lumpy investment paths, (3) have lower book-to-market ratios, and (4) generate lower rates of return than value firms. In the second essay, I examine relationships between sustainable growth and subsequent stock returns. Findings indicate that high sustainable growth firms have low default risk, low book-to-market ratio, and low subsequent returns. Cross-sectional tests indicate that sustainable growth subsumes the book-to-market equity ratio. | en_US |
dc.description.sponsorship | Diltz, John David | en_US |
dc.language.iso | EN | en_US |
dc.publisher | Finance & Real Estate | en_US |
dc.title | Essays On Asset Pricing And Growth Effect | en_US |
dc.type | Ph.D. | en_US |
dc.contributor.committeeChair | Diltz, John David | en_US |
dc.degree.department | Finance & Real Estate | en_US |
dc.degree.discipline | Finance & Real Estate | en_US |
dc.degree.grantor | University of Texas at Arlington | en_US |
dc.degree.level | doctoral | en_US |
dc.degree.name | Ph.D. | en_US |
dc.identifier.externalLink | https://www.uta.edu/ra/real/editprofile.php?onlyview=1&pid=629 | |
dc.identifier.externalLinkDescription | Link to Research Profiles | |
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