Firm profitability and expected stock returns : evidence from Latin America

Despite their higher valuation ratios, larger size, and higher investment needs, profitable firms outperform, in both raw and risk-adjusted returns, unprofitable firms in Latin America. The positive effect of firm profitability on stock returns is pervasive in univariate and bivariate sorts, panel r...

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Autores:

Berggrun, Luis
Cardona, Emilio
Lizarzaburu Bolaños, Edmundo R.

Tipo de recurso:

Article of investigation

Fecha de publicación:

2020

Institución:

Colegio de Estudios Superiores de Administración

Repositorio:

Repositorio CESA

Idioma:

eng

OAI Identifier:

oai:repository.cesa.edu.co:10726/5080

Acceso en línea:

http://hdl.handle.net/10726/5080
https://doi.org/10.1016/j.ribaf.2019.101119

Palabra clave:

Operating profitability
Cross-sectional returns
Five-factor model
Emerging markets

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