Rates of Return over the Firm's Lifecycle

Dennis Mueller () and S Lawrence Yun

Industrial and Corporate Change, 1998, vol. 7, issue 2, 347-68

Abstract: In this paper we test various implications of a managerial lifecycle hypothesis. In particular we examine whether (i) relatively young firms have returns on investment greater than their cost of capital, and (ii) mature firms have returns on investment less than their cost of capital. Support is found for both predictions in a sample of US companies. Copyright 1998 by Oxford University Press.

Date: 1998
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