A Deep Dive Into Earnings Quality with Columbia Professor Doron Nissim
Excess Returns
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The Value of the Stocks When Interest Rates Are Very Low
Real interest rates are still very low compared to levels that we had in the past. So when interest rates are very low, it's very important to identify or to be able to evaluate how sustainable are the earnings for the long run. The other factor you cite is the increased use of quality factors. Why does that make earnings quality more important now? We're going to also have them not just in the next few years, but in the longrun.
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