Dr. Qiao Xiaotuo's monograph "Financial Portfolio and Asset Growth Effect: An Analysis Based on Asset Imbalance Mechanism" was officially published by China Finance and Economics Press in October 2022.

This book mainly introduces the asset growth effect and the various investment portfolios derived from this effect. Asset growth effect is the basis of investment factor construction in the current mainstream factor model. Many representative scholars use asset growth premium to construct investment factor. This book takes the contradiction between the Q theory and the investment factor in the factor model as the starting point, expands the Q theory model, puts forward the asset imbalance mechanism according to the extended model, and explains the difference of the forecasting ability of different asset growth indicators to the future stock returns through this mechanism, so as to solve the conflict between the traditional Q theory and the investment factor. In addition, this book also compares the existence of the asset growth effect in Chinese and American stock markets and the applicability of the extended Q theory, and constructs different portfolios according to the empirical results to provide reference for the investment strategies of real investors.