An Intangibles-Adjusted Profitability Factor
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https://www.nber.org/papers/w31068
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资源简介：
We treat expenditures that create intangible assets as investments and instead of expensing them, we add them back to earnings when measuring the return on equity of firms while constructing the profitability factor in the Fama and French (2015) five factor model. The profitability factor we
提供机构：
美国国家经济研究局
创建时间：
2023-04-01
