The bias of growth opportunity

The bias of growth opportunity (BGO), measured as the difference between market and fundamental values of a firm's growth opportunity, has an ability to predict future stock returns. In the portfolio sort, downward-biased BGO firms earn higher returns than upward-biased ones, which is unexplain...

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Bibliographic Details
Main Authors: Cynthia Gong, Xindan Li, Di Luo, Huainan Zhao
Format: Default Article
Published: 2021
Subjects:
anomaly
asset pricing
behavioural finance
bias of growth opportunity
Online Access:https://hdl.handle.net/2134/15129003.v1
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