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Keywords: misallocation
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Journal Articles
The Accounting Review (2018) 93 (4): 101–125.
Published: 01 July 2018
...' investment: A third of the refund is invested and the rest is held as cash or returned to shareholders. However, the investment response is driven primarily by firms prone to engage in risky overinvestment. Consistent with the risk of misallocation, we find a delayed exit of low-productivity loss firms...
Includes: Supplementary data