What predicts returns on assets with "hard-to-value" fundamentals, such as Bitcoin and stocks in new industries? We propose an equilibrium model that shows how rational learning enables return predictability through technical analysis. We document that ratios of prices to their moving averages...

We document that several well known asset-pricing implications of accruals differ for investment and non-investment-related components. Exposure to an investment-accruals factor explains the cross-section of returns better than the accruals themselves, and this factor's returns are negatively...

In this paper, we forecast industry returns out-of-sample using the cross-section of book-to-market ratios and investigate whether investors can exploit this predictability in portfolio allocation. Cash-flow and return forecasting regressions show that cross-industry book-to-market ratios...

Motivated by the Campbell-Shiller present-value identity, we propose a new method of forecasting dividend growth that combines out-of-sample forecasts from 14 individual predictive regressions based on common return predictors. Combination forecast methods generate robust out-of-sample...

Motivated by the Campbell-Shiller present-value identity, we propose a new method of forecasting dividend growth that combines out-of-sample forecasts from 14 individual predictive regressions based on common return predictors. Combination forecast methods generate robust out-of-sample...