An Intangibles-Adjusted Profitability Factor
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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
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美国国家经济研究局创建时间：
2023-04-01
