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Cited by 886

The DOI matches its Crossref record; 7 of the 7 references it cites were found in a registry or an index.

Value‐Enhancing Capital Budgeting and Firm‐specific Stock Return Variation

Durnev, Art, Morck, Randall, Yeung, Bernard·2004·The Journal of Finance
DOI 10.1111/j.1540-6261.2004.00627.x
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Abstract

We document a robust cross‐sectional positive association across industries between a measure of the economic efficiency of corporate investment and the magnitude of firm‐specific variation in stock returns. This finding is interesting for two reasons, neither of which is a priori obvious. First, it adds further support to the view that firm‐specific return variation gauges the extent to which information about the firm is quickly and accurately reflected in share prices. Second, it can be interpreted as evidence that more informative stock prices facilitate more efficient corporate investment.

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Crossref · 10.1111/j.1540-6261.2004.00627.x

Cites

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Citations

Cites

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Metadata

Authors
Durnev, A., Morck, R., & Yeung, B.
Venue
The Journal of Finance
Publisher
Wiley
Published
2004-02
Volume
59
Issue
1
Pages
65-105
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/j.1540-6261.2004.00627.x
OpenAlex
W2136315417
Cited by
886
References
7
FWCI
44.12
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Value‐Enhancing Capital Budgeting and Firm‐specific Stock Return Variation. https://app.cochat.ai/papers/10.1111/j.1540-6261.2004.00627.x
The paper
Durnev, A., Morck, R., & Yeung, B. (2004). Value‐Enhancing Capital Budgeting and Firm‐specific Stock Return Variation. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2004.00627.x

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.