دانلود مقاله ISI انگلیسی شماره 41134
عنوان فارسی مقاله

سودآوری کاهش قیمت

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
41134 2015 24 صفحه PDF سفارش دهید 18000 کلمه
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Deflating profitability ☆
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Financial Economics, Volume 117, Issue 2, August 2015, Pages 225–248

کلمات کلیدی
سود ناخالص - عامل سودآوری - قیمت گذاری دارایی - کاهش دهنده قیمت - سود ناهنجاری
پیش نمایش مقاله
پیش نمایش مقاله سودآوری کاهش قیمت

چکیده انگلیسی

Gross profit scaled by book value of total assets predicts the cross section of average returns. Novy-Marx (2013) concludes that it outperforms other measures of profitability such as bottom line net income, cash flows, and dividends. One potential explanation for the measure׳s predictive ability is that its numerator (gross profit) is a cleaner measure of economic profitability. An alternative explanation lies in the measure׳s deflator. We find that net income equals gross profit in predictive power when they have consistent deflators. Deflating profit by the book value of total assets results in a variable that is the product of profitability and the ratio of the market value of equity to the book value of total assets, which is priced. We then construct an alternative measure of profitability, operating profitability, which better matches current expenses with current revenue. This measure exhibits a far stronger link with expected returns than either net income or gross profit. It predicts returns as far as ten years ahead, seemingly inconsistent with irrational pricing explanations.

خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.