RIM-Based Value Premium and Factor Pricing Using Value-Price Divergence
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We document that value-to-price, the ratio of Residual-Income-Model-based valuation to market price, subsumes the power of book-to-market ratio and many other value or quality measures in predicting stock returns. Long-short value-to-price portfolios hedge against momentum, revitalize the seemingly
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美国国家经济研究局创建时间：
2023-02-01
