Share issuance (1 year)
✓ aliveShareIss1YFinancing· Accounting data
Growth in number of shares between t-18 and t-6. Number of shares is calculated as shrout/cfacshr to adjust for splits.
A recomputed, out-of-sample-scored replication of this factor is available — verdict decayed, OOS Sharpe 0.03.
IS Sharpe (1927–2007)
0.604
+5.4% p.a.
OOS Sharpe (2008–2024)
0.747
+11.7% p.a.
Sharpe decay
-23.7%
(IS − OOS) / |IS|
IS vol
8.9%
annualized
Cumulative return (last 40 years, monthly)
+4361%1984-012024-12
Publication details
AuthorsPontiff and Woodgate
PaperPontiff and Woodgate (2008)
JournalJournal of Finance
Publication year2008
Original sample1970–2003
IS T-statistic7.08
More Financing anomalies
Net external financing+0.86Share issuance (5 year)+0.77Net equity financing+0.71Net debt financing+0.70Convertible debt indicator+0.67Composite debt issuance+0.54
See all Financing anomalies →