Up to 25 years ago, fundamental analysis was the primary focus of research in investment
analysis. Correspondingly, financial accounting research embraced a measurement …

No firm-specific performance measure is more widely reported, followed, and analyzed than
accounting earnings. Thus, although claims of incomplete initial stock price reactions to …

We provide data and code that successfully reproduces nearly all cross-sectional stock
return predictors. Our 319 characteristics draw from previous meta-studies, but we differ by …

We propose a model selection method to systematically evaluate the contribution to asset
pricing of any new factor, above and beyond what a high‐dimensional set of existing factors …

Hundreds of papers and factors attempt to explain the cross-section of expected returns.
Given this extensive data mining, it does not make sense to use the usual criteria for …

We take up Cochrane's (2011) challenge to identify the firm characteristics that provide
independent information about average US monthly stock returns by simultaneously …

I review empirical research on the relation between capital markets and financial statements.
The principal sources of demand for capital markets research in accounting are fundamental …

This paper addresses the concern that financial statements have lost a significant portion of
their relevance to investors. 1 This concern and its implications for financial accountants …

Fundamental analysis is aimed at determining the value of corporate securities by a careful
examination of key value-drivers, such as earnings, risk, growth, and competitive position. In …

This paper examines whether a simple accounting-based fundamental analysis strategy,
when applied to a broad portfolio of high book-to-market firms, can shift the distribution of …