negative union effects on profitability, but growth, productivity and the capital-labor ratio appear to be little affected by … may have longer term implications for efficiency since the impact on profitability appears to fall most heavily on firms …

Profitability, as measured by gross profits-to-assets, has roughly the same power as book-to-market predicting the …, despite having, on average, lower book-to-markets and higher market capitalizations. Controlling for profitability also … profitability explains most earnings related anomalies, as well as a wide range of seemingly unrelated profitable trading strategies …