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 …

Most anomalies fail to hold up to currently acceptable standards for empirical finance. With
microcaps mitigated via NYSE breakpoints and value-weighted returns, 65% of the 452 …

The neoclassical theory of investment has mainly been tested with physical investment, but
we show that it also helps explain intangible investment. At the firm level, Tobin's q explains …

Firms' advertising expenditure and its impact on their stock performance have been widely
studied. However, existing reviews have often considered them independently, resulting in a …

This paper presents an overview of the state of the art in the field surrounding the
measurement of “intangibles” for productivity analysis. The purpose of the paper is to inform …

An empirical q-factor model consisting of the market factor, a size factor, an investment
factor, and a profitability factor largely summarizes the cross section of average stock …

This paper presents an industry equilibrium model where firms have a choice to engage in
corporate social responsibility (CSR) activities. We model CSR as an investment to increase …

We examine the relationship between brand capital and stock price crash risk. Crash risk,
defined as the negative skewness in the distribution of returns for individual stocks, captures …

Organization capital is a production factor that is embodied in the firm's key talent and has
an efficiency that is firm specific. Hence, both shareholders and key talent have a claim to its …

Firms spend substantial resources on marketing and selling. Interpreting this as evidence of
frictions in product markets, which require firms to spend resources on customer acquisition …