linking the implications of NOA (net operating assets) and NOA components for the sustainability of current earnings … performance with future stock returns. After controlling for current profitability, we find a strong negative relation of NOA with … the underlying components of NOA. We also find that the hedge strategies on NOA and those NOA components that indicate low …

the NOA (net operating assets) anomaly. After controlling for current profitability, we find a strong negative relation of … NOA with future stock returns. Moreover, the results indicate that this relation is driven from the asset side of NOA. We … also find, that the hedge strategies on NOA and operating assets generate positive abnormal returns and constitute …

We find a positive association between short-selling and accruals, and between short-selling and NOA, during 1988 …-2003. The accrual and NOA return anomalies are asymmetric. The absolute value of mean abnormal returns is larger for high … institutional holdings. For NOA, there is only limited evidence that the abnormal return asymmetry is stronger on NASDAQ than on …

In this paper, we show that the negative relation of net operating assets (NOA) with future stock returns first … documented by Hirshleifer et al. (2004) applies to both net working and investing pieces of NOA, while it is mostly driven by … asset NOA components. Predictability of returns is significant only for their unexpected parts (unrelated to past sales …