The trend in firm profitability and the cross-section of stock returns
Akbas, Ferhat
The trend in firm profitability and the cross-section of stock returns / Ferhat Akbas, Chao Jiang & Paul D. Koch . -- Pàginas 1 a la 32
Reseña : This study shows that the recent trajectory of a firm’s profits predicts future profitability and stock returns. The predictive information contained in the trend of profitability is not subsumed by the level of profitability, earnings momentum, or other well-known determinants of stock returns. The profit trend also predicts the earnings surprise one quarter later, and analyst forecast errors over the following twelve months, suggesting that sophisticated investors underreact to the information in the profit trend. On the other hand, we find no evidence of investor overreaction, and our results cannot be explained by well-known risk factors.
Contabilidad--Publicaciones seriadas
Acciones (Bolsa)--Tasa de retorno--Publicaciones seriadas
Información financiera--Publicaciones seriadas
Jiang, Chao ; Koch, Paul D. ;
The trend in firm profitability and the cross-section of stock returns / Ferhat Akbas, Chao Jiang & Paul D. Koch . -- Pàginas 1 a la 32
Reseña : This study shows that the recent trajectory of a firm’s profits predicts future profitability and stock returns. The predictive information contained in the trend of profitability is not subsumed by the level of profitability, earnings momentum, or other well-known determinants of stock returns. The profit trend also predicts the earnings surprise one quarter later, and analyst forecast errors over the following twelve months, suggesting that sophisticated investors underreact to the information in the profit trend. On the other hand, we find no evidence of investor overreaction, and our results cannot be explained by well-known risk factors.
Contabilidad--Publicaciones seriadas
Acciones (Bolsa)--Tasa de retorno--Publicaciones seriadas
Información financiera--Publicaciones seriadas
Jiang, Chao ; Koch, Paul D. ;