股权融资风险.docxVIP

Equity financing risk ? Mamdouh Medhat? and Berardino Palazzo? This draft: May 19, 2020 Abstract A risk factor linked to aggregate equity issuance conditions explains the empirical performance of investment factors based on the asset growth anomaly of Cooper, Gulen, and Schill ( 2008). This new risk factor, dubbed equity financing risk (EFR) factor, subsumes investment factors in leading linear factor models. Most importantly, when substituted for investment factors, the EFR factor improves the overall pricing performance of linear factor models, delivering a significant