Quality minus junk
We define quality as characteristics that investors should be willing to pay a higher price for. Theoretically, we provide a tractable valuation model that shows how stock prices should increase in their quality characteristics: profitability, growth, and safety. Empirically, we find that high-quali...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Springer New York LLC
2019
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| Subjects: | |
| Online Access: | View Fulltext in Publisher |