Papanastasopoulos, George; Thomakos, Dimitrios; Wang, Tao - Rimini Centre for Economic Analysis (RCEA) - 2007
In this paper, we extend the work of Hirshleifer, Hou, Teoh and Zhang (2004) on the “sustainability effect” by directly linking the implications of NOA (net operating assets) and NOA components for the sustainability of current earnings performance with future stock returns. After...
