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Sample and Variable Measurement
Tests and Results
1 other sections not shown
abnormal asset turnover Abnormal ATO abnormal components abnormal PM abnormal profit margin Abnormal Profitability Measures abnormal returns abnormal RNOA Accruals annual firm-year observations annual regressions ANOA ARNOA ARNOA,+5 ATO*B Average Net Operating beginning four months changes in profit changes in RNOA classifications are based coefficient Compustat item defined as Operating definitions in Table Descriptive Statistics DuPont analysis economy-wide F-tests Fairfield and Yohn Fama and French Fama-French Figure financial ratios financial statement analysis firm's firms five-year-ahead forecast errors future profitability future RNOA hedge return industry averages Industry classifications industry median industry-adjusted initially by Distance level of abnormal levels of PM levels of RNOA market participants mean reversion momentum naive model Nissim and Penman Operating Assets Operating Income p3 ATO Panel Penman and Zhang plots PM and ATO PM*B pooled regressions predict future Rank of Abnormal ranked initially RATO RNOA,*B RRNOA sample SIC Code total profitability trading strategy variable definitions