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- W3207528529 abstract "This paper investigates how the CAPM beta changes with firm age using a sample of A-share Chinese listed companies from the period of 1998–2015. The results show that the CAPM beta is positively associated with firm age. Our findings are fairly consistent under different beta measurements, different regression methodologies, and different subsamples. Further tests show that the positive association cannot be absorbed by the life-cycle stages variables and cannot be explained by the new listing effect. Finally, growth option creation is the most likely mechanism driving the positive relation, rather than the alternative explanations of liquidity and information opacity. • A positive relation between CAPM beta and firm age is found. • The positive beta-age relation is fairly robust. • New listing effect, liquidity hypothesis and information opacity hypotheses are tested. • Growth option creation is the most likely mechanism driving the positive relation." @default.
- W3207528529 created "2021-10-25" @default.
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- W3207528529 date "2022-01-01" @default.
- W3207528529 modified "2023-10-18" @default.
- W3207528529 title "Firm age and beta: Evidence from China" @default.
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- W3207528529 doi "https://doi.org/10.1016/j.iref.2021.10.006" @default.
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