2020

刘昕,Yin Chengxi,Zheng Weinan——JOURNAL OF FINANCIAL MARKETS:The invisible burden

时间:2020-01-01
We study the role of goodwill, an important form of intangible assets arising from merger and acquisitions (M&As), on asset pricing. We find that goodwill-to-sales strongly and negatively predicts the cross-section of U.S. stock returns, especially among firms with cross-industry M&As and firms with overconfident CEOs. It remains an economically and statistically significant predictor of stock returns after adjustment for common factors. Our results suggest that goodwill-to-sales subsumes inform
上一篇:贾俊雪,丁思莹,刘勇政——JOURNAL OF URBAN ECONOMICS:Decentralization, incentives, and local tax enforcement
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