{"title":"解释盈利能力异常","authors":"Ryan Erhard, Richard G. Sloan","doi":"10.2139/ssrn.3431482","DOIUrl":null,"url":null,"abstract":"We provide a new explanation for the profitability anomaly along with a battery of supportive empirical tests. Our explanation is based on the observation that investors frequently value stocks by assigning similar price-to-earnings multiples to stocks with similar expected firm growth. This naive approach to valuation results in a positive relation between profitability and future stock returns, and the relation is stronger in firms with higher growth. The relation arises because less profitable firms must issue additional equity in the future to finance growth, thus diluting the claims of existing stockholders to future earnings and cash flows.","PeriodicalId":332226,"journal":{"name":"USC Marshall School of Business Research Paper Series","volume":"21 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2020-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"5","resultStr":"{\"title\":\"Explaining the Profitability Anomaly\",\"authors\":\"Ryan Erhard, Richard G. Sloan\",\"doi\":\"10.2139/ssrn.3431482\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We provide a new explanation for the profitability anomaly along with a battery of supportive empirical tests. Our explanation is based on the observation that investors frequently value stocks by assigning similar price-to-earnings multiples to stocks with similar expected firm growth. This naive approach to valuation results in a positive relation between profitability and future stock returns, and the relation is stronger in firms with higher growth. The relation arises because less profitable firms must issue additional equity in the future to finance growth, thus diluting the claims of existing stockholders to future earnings and cash flows.\",\"PeriodicalId\":332226,\"journal\":{\"name\":\"USC Marshall School of Business Research Paper Series\",\"volume\":\"21 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2020-06-11\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"5\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"USC Marshall School of Business Research Paper Series\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3431482\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"USC Marshall School of Business Research Paper Series","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3431482","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
We provide a new explanation for the profitability anomaly along with a battery of supportive empirical tests. Our explanation is based on the observation that investors frequently value stocks by assigning similar price-to-earnings multiples to stocks with similar expected firm growth. This naive approach to valuation results in a positive relation between profitability and future stock returns, and the relation is stronger in firms with higher growth. The relation arises because less profitable firms must issue additional equity in the future to finance growth, thus diluting the claims of existing stockholders to future earnings and cash flows.
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