identity components: profit margin and asset turnover. In particular, we examine the relative effectiveness of profit margin … raw, Capital Asset Pricing Model, and Fama-French returns on controls and variables of interest, profit margin, and asset … include returns lagged over years t-1, t-2, and t-3 to coincide with the lagged profit margin and asset turnover variables of …

with positive earnings surprises is consistent with industry information transfer theory. The timing effect associated with …