A Deep Dive Into Earnings Quality with Columbia Professor Doron Nissim
Excess Returns
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What Determines Earnings Quality?
The only way that you derive quality factors is by just letting the data speak for themselves. You want to have a good theory and a good understanding of how numbers are related to each other. Whether earnings are sustainable or not is not just a function of whether the company or management manipulates the financial statements. It also depends on the business model or the decision that management makes.
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