Papanastasopoulos, Georgios; Thomakos, Dimitrios; Wang, Tao - In: International Review of Financial Analysis 20 (2011) 5, pp. 269-282
In this paper, we show that the negative relation of net operating assets (NOA) with future stock returns first documented by Hirshleifer et al. (2004) applies to both net working and investing pieces of NOA, while it is mostly driven by asset NOA components. Predictability of returns is...