A lot! Profitability subsumes all of "quality" investing, explaining both the performance of the strategies that … overweight low-beta or low-volatility stocks. Profitability tilts explain all the abnormal performance of popular "alternative … value" strategies, including those adjusted for "intangibles," and half of value's post-2007 underperformance. Profitability …

effect is weaker for more profitable firms, giving rise to a gross profitability premium. Moreover, gross profitability and …

earnings when measuring the return on equity of firms while constructing the profitability factor in the Fama and French (2015 …) five factor model. The profitability factor we construct has significant alpha relative to many extant multi-factor asset …-pricing models, including the standard Fama-French five factor model. When the profitability factor in the Fama and French (2015 …

conclude that LLMs possess tremendous potential to complement existing methods for theorizing in strategy and, more broadly …

A strategy that selects stocks based on their historical same-calendar-month returns earns an average return of 13% per …

strategy. Most of the anomalies that we consider with one-sided monthly turnover lower than 50% continue to generate … turnover do. In all cases transaction costs reduce the strategies' profitability and its associated statistical significance …

the abnormal performance of defensive equity (i.e., low volatility and/or low beta strategies). While defensive strategy … performance is explained by controlling for size, profitability, and relative valuations, the converse is false--the performance … of value and profitability strategies cannot by explained using defensive equity performance …