Investing in Growth Stocks: Bimodal Payoff Distribution and Expected Returns

The authors thank Jennifer Conrad and Bob Dittmar for sharing their codes for the estimation of ex ante skewness and Summer Zhao for research assistance. Comments and suggestions from two anonymous reviewers, an anonymous associate editor, Iftekhar Hasan, Michael Kimbrough, Stephen Penman, Katherine Schipper, Benjamin Segal, Linna Shi, Eric So (editor), Hao Xue, Biwen Zhang, and seminar participants at University of Cincinnati, Duke University, Fordham University, Fudan University, University of Maryland at College Park, and National Taiwan University are greatly appreciated.