Seminars & webinars
15 July 2010

Growth Opportunities, Technology Shocks and Asset Prices: Evidence from China

Where: Milan

Fondazione Eni Enrico Mattei
Corso Magenta 63
20123 Milan

How to reach: Google map
Event's Timetable:

h. 12.00 Seminar
h. 13.00 Light Lunch


Seminars Office,


Marianna Caccavaio, FEEM and European Central Bank


This paper investigates the empirical relationship between growth opportunity, technology shocks and asset prices in China. Although there have been a large number of studies on developed economies, the relationship between stock market movements and firm characteristics in China is still unclear. Following Kogan and Papanikolaou (AER 2010) we identify firms with high growth opportunities based on the covariance of their stock returns with the investment-specific productivity shock.. We find that, empirically, the procedure is able to identify economically significant differences in firms' investment behavior, as well as risk and risk premia in their stock returns.

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Growth Opportunities, Technology Shocks and Asset Prices: Evidence from China

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