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The Association Between Investment Opportunity Set Proxies and Realized Growth

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Author Info
Sanjay Kallapur (Purdue Uninversity, West Lafayette, USA,)
Mark A. Trombley
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. Copyright Blackwell Publishers Ltd 1999.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/1468-5957.00265
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Article provided by Blackwell Publishing in its journal Journal of Business Finance & Accounting.

Volume (Year): 26 (1999-04)
Issue (Month): 3-4 ()
Pages: 505-519
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Handle: RePEc:bla:jbfnac:v:26:y:1999-04:i:3-4:p:505-519

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  1. Bruce M. Burton, 2003. "Evidence on the extent of relationships among investment opportunity set proxies," Applied Economics Letters, Taylor and Francis Journals, vol. 10(7), pages 437-441, May. [Downloadable!] (restricted)
  2. Dries Heyman & Marc Deloof & Hubert Ooghe, 2008. "The Financial Structure of Private Held Belgian Firms," Small Business Economics, Springer, vol. 30(3), pages 301-313, March. [Downloadable!] (restricted)
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