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Ian Rodney Carr Hirst
Researcher at Heriot-Watt University
Publications - 6
Citations - 125
Ian Rodney Carr Hirst is an academic researcher from Heriot-Watt University. The author has contributed to research in topics: Real interest rate & Value (economics). The author has an hindex of 5, co-authored 6 publications receiving 112 citations.
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Measuring Growth Opportunities
TL;DR: In this paper, the validity of the KBM model is tested on a sample of 278 large UK companies for 1987-1995, and it is found that the value of growth opportunities accounts for a larger proportion of market values than assets-in-place.
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Company investment announcements and the market value of the firm
TL;DR: In this paper, the authors examined the stock market reaction to 402 company investment announcements made by UK companies during the 1991-1996 period and found that the market reacted more favourably to investments that create future investment opportunities, than to investments which can be categorized as 'exercising' investment opportunities.
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The growth companies puzzle: can growth opportunities measures predict firm growth?
TL;DR: In this article, the authors assess the performance of eight growth opportunities measures and show that while all the growth measures show some ability to predict growth in company sales, total assets, or equity, there are substantial differences between the various models.
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Required rates of return for corporate investment appraisal in the presence of growth opportunities
TL;DR: In this paper, the authors identify those companies that have valuable growth opportunities, and then split the value of shares into assets-in-place and growth opportunities; and finally, the equity β is divided into β for "assets-inplace" and "growth opportunities".
Journal ArticleDOI
Measuring Growth Opportunities
TL;DR: In this paper, the authors test the validity of the KBM model (Kester (1984) and Brealey and Myers (1981)) on a sample of 278 large UK companies for 1987-1995 and find the value of growth opportunities to account for a larger proportion of market values than assets-in-place.