Ppe Investment Factor
In China’s bank-based system, “asset growth” mixes liquidity and credit constraints. We show that a new PPE-based investment factor fixes this: better pricing power, clearer link to collateral risk.
In China’s bank-based system, “asset growth” mixes liquidity and credit constraints. We show that a new PPE-based investment factor fixes this: better pricing power, clearer link to collateral risk.