three European exchanges in 2013: Xetra, Chi-X, and BATS. We show that a high-frequency trader can profit from lead …

back on work in industrial organization, we analyze the relationship between profit persistence and expected stock returns …. We show that long-run profit persistence together with other additional economic firm fundamentals have a significant …

We provide a new explanation for the profitability anomaly along with a battery of supportive empirical tests. Our … profitability and future stock returns, and the relation is stronger in firms with higher growth. The relation arises because less …

In contrast to prior equity market results, we document that corporate bonds issued by low profitability firms … outperform bonds issued by highly profitable firms. This performance difference is primarily driven by low profitability, low … credit rating firms. This profitability premium is consistent with compensation for default risk and can be explained by …

Current R&D expenditures forecast cash-based operating profitability up to three years in the future and sometimes as … profitability factor, and zero alphas. Capitalizing R&D to augment book values with intangible assets is unnecessary for asset … pricing, so long as expected profitability is explicitly recognized as a determinant of expected returns …