The New Issues Puzzle: Testing the Investment-Based Explanation

By Evgeny Lyandres, Lei Sun, Lu Zhang. 2008

494 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/2583062431675fc81b49883c0d6fe4be77a002a4

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

In Finance

Citations in the corpus

Overvalued Equity and Financing Decisions (2012, unknown): “This evidence has stimulated debate about the methodology of longrun abnormal return tests and the choice of risk factor benchmarks (e.g., Fama (1998), Loughran and Ritter (2000), and Lyandres, Sun, and Zhang (2008)).”
The Asset Growth Effect: Insights from International Equity Markets (2013, background): “In Lyandres, Sun, and Zhang (2008) and Li, Livdan, and Zhang (2009), higher investments are associated with lower expected returns via both decreasing return to scale and the discount rate effect.”
Predicting anomaly performance with politics, the weather, global warming, sunspots, and the stars. (2014, background): “…Asset growth Change in totla assets Annual Titman, Wei, and Xie (2004) Investment Change in property, plant and equipment, and inventories Annual Lyandres, Sun, and Zhang (2008) Piotroski’s F-score Piotroski’s F-score Annual Piotroski (2000) Earnings-to-price Earnings before extraordinary…”
Innovative Efficiency and Stock Returns (2013, background): “29 Ex post Sharpe ratio estimates are upward biased (MacKinlay, 1995).”
Capital Market-Driven Corporate Finance (2009, background): “More recent incarnations include Berk et al. (1999), Carlson et al. (2005, 2006), and Lyandres et al. (2008).”
The History of the Cross Section of Stock Returns (2016, unknown): “Lyandres et al. (2008) use the investment-to-assets ratio to predict returns from January 1970 through December 2005.”
Dissecting Characteristics Nonparametrically (2020, background): “However, even employing the higher threshold for the t-statistic still leaves approximately 150 characteristics as useful predictors for the cross section of expected returns. Chordia, Goyal, and Saretto (2017) build on this line of work and propose to combine statistical criteria and economic consi”
A Taxonomy of Anomalies and Their Trading Costs (2014, unknown): “• Investment - follows Lyandres et al. (2008) and Chen et al. (2010).”
Growth Opportunities, Technology Shocks, and Asset Prices (2014, unknown): “A growing branch of asset pricing literature in finance relates Q-based theories of investment to stock return behavior (e.g., Cochrane (1991, 1996); Lyandres, Sun, and Zhang (2008); Liu, Whited, and Zhang (2009); Li, Livdan, and Zhang (2009); Chen, Novy-Marx, and Zhang (2010); Li and Zhang (2010)).”
Behavioral and Rational Explanations of Stock Price Performance around SEOs: Evidence from a Decomposition of Market-to-Book Ratios (2010, background): “1We also include in the behavioral view the possibility that overvaluation at the time of the issue reflects asymmetric information (as in Myers and Majluf (1984)) but that investors underreact to the signal conveyed by the issue announcement. 2There are other theories that address post-issue stock ”