The Association Between Investment Opportunity Set Proxies and Realized Growth

Kallapur, S and Trombley, M A (2003) The Association Between Investment Opportunity Set Proxies and Realized Growth. Journal of Business Finance & Accounting, 26 (3‐4). pp. 505-519.

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Abstract

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.

Affiliation: Indian School of Business
ISB Creiators:
ISB Creators
ORCiD
Kallapur, S
https://orcid.org/0000-0003-2920-6144
Item Type: Article
Additional Information: The research article was published by the author with the affiliation of Purdue University.
Uncontrolled Keywords: growth, investment opportunity set
Subjects: Business and Management
Finance
Depositing User: Veeramani R
Date Deposited: 06 Mar 2019 08:00
Last Modified: 13 Mar 2019 09:18
URI: http://eprints.exchange.isb.edu/id/eprint/668
Publisher URL: https://doi.org/10.1111/1468-5957.00265
Publisher OA policy: http://www.sherpa.ac.uk/romeo/issn/0306-686X/
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