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Title: The q-theory explanation for the external financing effect : new evidence
Authors: Huang, Y 
Wei, JKC
Keywords: Cross-section of stock returns
External financing
Q-Theory of investment
Total asset growth
Total profitability
Issue Date: 2014
Publisher: North-Holland
Source: Journal of banking & finance, 2014, v. 49, p. 69-81 How to cite?
Journal: Journal of banking & finance 
Abstract: Several studies document a robust negative association between net external financing and average stock returns, which is referred to as the external financing effect. Using total asset growth as a comprehensive measure of overall corporate investment and total profitability gross of R&D expenditures as a measure of true economic profitability, we provide new evidence in support of the q-theory explanation for the external financing effect. We also test the market timing explanation for the external financing effect but fail to document supportive evidence.
ISSN: 0378-4266
DOI: 10.1016/j.jbankfin.2014.08.010
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