Matches in SemOpenAlex for { <https://semopenalex.org/work/W3108924241> ?p ?o ?g. }
- W3108924241 abstract "In this paper, we propose a comprehensive intangible assets-related measure, I-SCORE, for the purpose of explaining the cross-sectional returns in the U.S. stock market. We apply the partial least squares method to construct I-SCORE from 15 firm characteristics. The results show that the firms receiving the high I-SCORE generate substantially higher future returns than those with the low I-SCORE. The predictability of I-SCORE is robust after controlling for innovation- and R&D-related factors, along with some famous asset pricing factors. I-SCORE is positively related to the future profitability and cash flow growth. The positive relation between I-SCORE and future returns is stronger for the firms with higher limits to arbitrage and higher valuation uncertainty, which is consistent with behavioral mispricing explanations. The risk-based theory also explains the corresponding investment strategy, since firms with higher information uncertainty risk have significantly stronger I-SCORE premium." @default.
- W3108924241 created "2020-12-07" @default.
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- W3108924241 date "2020-01-01" @default.
- W3108924241 modified "2023-09-27" @default.
- W3108924241 title "Intangibles to Tangible: In Search of Firm Value Creation" @default.
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- W3108924241 doi "https://doi.org/10.2139/ssrn.3692106" @default.
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