As a newly explored topic, the role of expected growth is assumed to have a positive relation with expected stock returns. The purpose of this study is to investigate whether expected investment growth is positively related to stock returns in the period of 2009–2018 in Turkey as an emerging market. For this evaluation, three proxies are calculated as 1-year-ahead expected growth, 2-years-ahead expected growth, and 3-years-ahead expected growth. The results reveal that 1-year-ahead expected growth predicts the expected returns much better than the other proxies. Portfolio-level analysis supports the conclusion that investment plans for the future have a positive effect on the expected stock returns in an emerging market. Long-short spread of 1.51% occurs monthly at the 1% significance level, and the leading factor models are unable to capture the abnormal returns.

作为一个新探索的话题，预期增长的作用被假定为与预期股票收益呈正相关。本研究的目的是调查土耳其作为新兴市场在 2009-2018 年期间的预期投资增长是否与股票回报呈正相关。对于此评估，三个代理被计算为提前 1 年预期增长、提前 2 年预期增长和提前 3 年预期增长。结果显示，提前 1 年的预期增长比其他指标更能预测预期回报。投资组合层面的分析支持以下结论：未来的投资计划对新兴市场的预期股票回报有积极影响。在 1% 的显着性水平上，每月出现 1.51% 的多空价差，