David McLean, R.; Pontiff, Jeffrey; Watanabe, Akiko - In: Journal of Financial Economics 94 (2009) 1, pp. 1-17
Share issuance predicts cross-sectional returns in a non-U.S. sample of stocks from 41 different countries. Issuance predictability has greater statistical significance than either size or momentum, and is similar to book-to-market. As in the U.S., the international issuance effect is robust...