Growth Options and Firm Valuation
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This paper studies the relation between firm value and a firm's growth options. We find strong empirical evidence that (average) Tobin's Q increases with firm-level volatility. The significance mainly comes from R&D firms, which have more growth options than non-R&D firms. By decomposing firm-level
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美国国家经济研究局创建时间：
2013-02-01
