amount of income-decreasing special items in subsequent years. Most of momentum profit among high-accrual firms is …-based momentum profit …

This paper investigates whether the well-documented asset growth effect on stock returns exists across both profit and … significantly dampened by the inclusion of profit firms in the sample. The raw and abnormal returns earned from a hedge strategy on … balance sheet growth for loss firms are almost two times higher than the respective returns for profit firms. Our evidence …

anomaly is more severe across loss years and is significantly attenuated across profit years. A hedge trading strategy on NOA … profit firms. Our evidence is more likely to be consistent with the hypothesis that low NOA firms may have superior returns …

performance, is highly attenuated across profit firms, and becomes more severe across loss firms. Overall, our findings lend …