TY  - BOOK
AU  - Docherty,Paul
AU  - Chan,Howard
AU  - Easton,Steve
TI  - Asset tangibility, industry representation and the cross section of equity returns
SN  - 03128962
AV  - HD31 AUS 
PY  - 2011///
CY  - Los Angeles
PB  - Sage
KW  - Asset pricing
KW  - Cross-section
KW  - Tangibility of assets
N2  - Recent theory relates expected returns and covariant risk to the investment decisions of a firm across certain stages of the business cycle. Using the Australian accounting environment that provides a wider scope for the capitalisation of intangible assets compared with the United States, this paper tests the relationship between asset tangibility and returns within the Fama and MacBeth (1973) framework. A relationship is found to exist between asset tangibility and the cross-section of equity returns. This relationship is most evident in the materials industry, which is characterised by irreversible, firm-specific assets. These results persist after controlling for firm characteristics that Fama and French (1992) show are related to returns, although the effect is largely driven by microcap stocks
UR  - https://doi.org/10.1177/0312896211399200
ER  -