Deflating profitability

Gross profit scaled by book value of total assets predicts the cross section of average returns. Novy-Marx (2013) concludes that it outperforms other measures of profitability such as bottom line net income, cash flows, and dividends. One potential explanation for the measure׳s predictive ability is...

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Veröffentlicht in:	Journal of financial economics 2015-08, Vol.117 (2), p.225-248
Hauptverfasser:	Ball, Ray, Gerakos, Joseph, Linnainmaa, Juhani T., Nikolaev, Valeri V.
Format:	Artikel
Sprache:	eng
Schlagworte:	Asset pricing Assets Book value Deflators Earnings anomalies Financial economics Gross income Gross profitability Market value Operating profitability Pricing Profitability Profits Studies
Online-Zugang:	Volltext
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