واکاوی خلاف قاعده‌ رشد دارایی؛ شواهدی از بورس اوراق بهادار تهران

The main purpose of this paper is analysis of total asset growth anomaly in tehran stock exchange that emphasizes on the test of relation between total asset growth and net operating asset. on account of scrutiny in asset growth anomaly, an anatomic approach is used to break down total asset growth to its three components and then its effect on cross-section stock return is investigated using dual portfolio analysis and fama-macbeth (1973) model over the period 1379 to 1389. the results confirm asset growth positive effect and reject the effect of net operating asset growth. the latter effect, depending on weighting scheme and time horizon of subsequent stock return, can be positive, negative or even statistically insignificant. the research evidences indicate asset growth is self-inclusive and its explanatory power does not appertain to anyone of its subcomponents. so, we cannot seek the sources of the asset growth anomaly appearance in net operating asset anomaly. it seems that the source of asset growth financing (based on asset growth decomposition) does not matter in asset growth anomaly occurrence.