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首页> 外文期刊>Journal of financial economics >The other side of value: The gross profitability premium
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The other side of value: The gross profitability premium

机译：价值的另一面：毛利润溢价

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Profitability, measured by gross profits-to-assets, has roughly the same power as book-to-market predicting the cross section of average returns. Profitable firms generate significantly higher returns than unprofitable firms, despite having significantly higher valuation ratios. Controlling for profitability also dramatically increases the performance of value strategies, especially among the largest, most liquid stocks. These results are difficult to reconcile with popular explanations of the value premium, as profitable firms are less prone to distress, have longer cash flow durations, and have lower levels of operating leverage. Controlling for gross profitability explains most earnings related anomalies and a wide range of seemingly unrelated profitable trading strategies.
机译：用资产总利润衡量的获利能力与预测平均收益的横截面的账面价值大致相同。尽管估值比率高得多，但有利润的公司产生的收益要比无利润的公司高得多。控制获利能力也大大提高了价值策略的绩效，尤其是在规模最大，流动性最大的股票中。这些结果很难与关于价值溢价的流行解释相吻合，因为有利润的公司不太容易陷入困境，现金流持续时间更长，经营杠杆水平更低。控制毛利润率可以解释大多数与收益相关的异常情况以及各种看似无关的有利可图的交易策略。

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