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Empirical evidence on the out-of-sample performance of asset-pricing anomalies is mixed so far and arguably is often subject to data-snooping bias. This paper proposes a method that can significantly reduce this bias. Specifically, we consider a long-only strategy that involves only published...
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This paper presents and discusses the estimates of the present value of corporate profits in the United States from 1984 to 2018. To value the expected income stream, it uses the long-range forecasts of professional forecasters for pre-tax corporate earnings and long-term Treasury note yields,...
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a firm's profitability. However, few studies allow for the decomposition of a firm's profitability into market, industry … shocks, and then assess whether and when this decomposition results in improved forecasts of profitability. For the overall … based on the decomposed values are superior versus forecasts using only total profitability. Across the sample as a whole …
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estimated. Using the full rainfall distribution and our profit function estimates, we find that Indian farmers on average under … expected profits. Farmers who use skilled forecasts have increased average profit levels but also have more variable profits …
Persistent link: https://www.econbiz.de/10013077650
estimated. Using the full rainfall distribution and our profit function estimates, we find that Indian farmers on average under … expected profits. Farmers who use skilled forecasts have increased average profit levels but also have more variable profits …
Persistent link: https://www.econbiz.de/10013078029
estimated. Using the full rainfall distribution and our profit function estimates, we find that Indian farmers on average under … expected profits. Farmers who use skilled forecasts have increased average profit levels but also have more variable profits …
Persistent link: https://www.econbiz.de/10012459327