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Firm profitability and expected stock returns : evidence from Latin America

dc.contributor.authorBerggrun, Luisspa
dc.contributor.authorCardona, Emiliospa
dc.contributor.authorLizarzaburu Bolaños, Edmundo R.spa
dc.date.accessioned2023-06-21T22:23:04Z
dc.date.available2023-06-21T22:23:04Z
dc.date.issued2020-01
dc.identifier.issn0275-5319
dc.identifier.urihttp://hdl.handle.net/10726/5080
dc.language.isoeng
dc.publisherElsevier Inc.
dc.titleFirm profitability and expected stock returns : evidence from Latin Americaeng
dc.typearticle
dc.rights.accessrightsinfo:eu-repo/semantics/restrictedAccess
dc.rights.localAcceso Restringido
dc.type.versioninfo:eu-repo/semantics/acceptedVersion
dc.identifier.instnameinstname:Colegio de Estudios Superiores de Administración – CESA
dc.identifier.reponamereponame:Biblioteca Digital – CESA
dc.identifier.repourlrepourl:https://repository.cesa.edu.co/
dc.description.abstractenglishDespite 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 regressions, across sub-regional markets, and among small and large stocks. A five-factor model that includes market, size, distress, profitability, and investment factors prices profitability portfolios better than other popular factor models. Five-factor alphas of profitability portfolios tend to be lower and less statistically significant, both individually and collectively, than alphas from other three widely-used pricing models.eng
dc.type.coarhttp://purl.org/coar/resource_type/c_2df8fbb1
dc.relation.citationvolume51
dc.contributor.orcidBerggrun, Luis [0000-0002-8489-0818]
dc.contributor.orcidLizarzaburu Bolaños, Edmundo R. [0000-0002-8862-5624]
dc.type.driverinfo:eu-repo/semantics/article
dc.type.redcolhttp://purl.org/redcol/resource_type/ART
dc.type.coarversionhttp://purl.org/coar/version/c_71e4c1898caa6e32
dc.contributor.scopusBerggrun, Luis [37057140100]
dc.contributor.scopusCardona, Emilio [57069944700]
dc.contributor.scopusLizarzaburu Bolaños, Edmundo R. [55617076500]
dc.description.orcidhttps://orcid.org/0000-0002-8489-0818
dc.description.orcidhttps://orcid.org/0000-0002-8862-5624
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=37057140100
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=57069944700
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=55617076500
dc.identifier.eissn1878-3384
dc.relation.ispartofjournalResearch in International Business and Finance
dc.identifier.doihttps://doi.org/10.1016/j.ribaf.2019.101119
dc.subject.proposalOperating profitability
dc.subject.proposalCross-sectional returns
dc.subject.proposalFive-factor model
dc.subject.proposalEmerging markets
dc.rights.coarhttp://vocabularies.coar-repositories.org/access_rights/c_16ec/


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