earnings increases, firms cannot sustain growth in perpetuity. • I expect that longer earnings strings are more weakly related to earnings growth and more strongly to future risk. • That is, the predictive
examine whether incremental price-earnings 4 multiples are independent from a string of earnings increases after controlling for variability of future earnings. In the second set of analyses, it is true
property" OR "electronic possession" OR "virtual property" OR "virtual possession"&wt=json&indent=true&facet=true&facet.field=key_filetype&facet.field=key_sitemap&facet.field=system_name&facet.field
" OR "electrical asset" OR "electrical possession" OR "digital asset" OR "digital possession"&wt=json&indent=true&facet=true&facet.field=key_filetype&facet.field=key_sitemap&facet.field=system_name
property" OR "electrical asset" OR "electrical possession" OR "digital asset" OR "digital possession"&wt=json&indent=true&facet=true&facet.field=key_filetype&facet.field=key_sitemap&facet.field=system_name
"electronic property" OR "electrical asset" OR "electrical possession" OR "digital asset" OR "digital possession"&wt=json&indent=true&facet=true&facet.field=key_filetype&facet.field=key_sitemap&facet.field
estate" OR "digital asset" OR "simulated real estate" OR "simulated asset"&wt=json&indent=true&facet=true&facet.field=key_filetype&facet.field=key_sitemap&facet.field=system_name&facet.field=key_keywords
"digital real estate" OR "digital asset" OR "simulated real estate" OR "simulated asset"&wt=json&indent=true&facet=true&facet.field=key_filetype&facet.field=key_sitemap&facet.field=system_name&facet.field
property" OR "digital real estate" OR "digital asset" OR "simulated real estate" OR "simulated asset"&wt=json&indent=true&facet=true&facet.field=key_filetype&facet.field=key_sitemap&facet.field=system_name
. Low risk (volt.) Premium: Liquidity-constrained investors can no longer sustain their leveraged position during crisis. Size Premium: Smaller stocks tend to have lower profitability and high uncertainty