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TECHNOLOGY PROSPECT AND THE CROSS-SECTION OF STOCK RETURNS: EVIDENCE FROM THE AUSTRALIAN MARKET
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Qi Shi 
, Ali F. Darrat, Bin Li , Richard Chung
Abstract
We examine the link between technology prospect and stock returns in the Australian market. Our results suggest that the technology-based asset pricing model outperforms the CAPM and Fama-French three-factor models in explaining the cross-section of the Australian Fama-French 25 size/book-to-market portfolios. The results prove robust to using alternative estimation methods and continue to supports the importance of the technology factor for shaping the cross section of the Fama-French portfolios returns.
Keywords: Technology prospect, ICAPM, Asset Pricing, Australian Stock Market
How to cite this paper: Shi, Q., Darrat, A. F., Li, B., & Chung, R. (2013). Technology prospect and the cross-section of stock returns: evidence from the Australian market. Corporate Ownership & Control, 11(1-2), 295-303. https://doi.org/10.22495/cocv11i1c2art7
