This study aims to clarify the mechanism of the surprising earnings-returns relation observed at the aggregate level by offering evidence from Japan. Unlike firm-level evidence, recent Macro-Accounting research reports that when earnings changes and stock returns of individual firms are...

Prior valuation studies have developed and improved valuation models. However, these models are often difficult to use, because estimating their various factors requires lots of skills and experience. Thus, this study aims to provide a simple valuation method for the listed firms based on value...

Our study aims to clarify the use of aggregate earnings to forecast future GDP growth. Using empirical analyses with global quarterly data, we investigate whether aggregate-level profitability drivers, which are components of aggregate earnings, are relevant for forecasting GDP growth. We...