Mendieta-Muñoz, Ivan; Ossa, Daniel - 2022
measures of profitability in each sector have changed over time, how these have been correlated at different frequencies, and … profitability across sectors is located at business cycle frequencies, and that there has been a shift in the lead-lag relationship … between financial and nonfinancial profitability: from 1970 to the mid-1990s, profitability in the nonfinancial sector led …