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Mete Kilic joined the Department of Finance and Business Economics upon completing his PhD in Finance at the Wharton School, University of Pennsylvania in 2017. His research interests lie in the areas of asset pricing and financial markets. He has received the 2017 Cubist Systematic Strategies PhD Candidate Award for Outstanding Research.
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RESEARCH + PUBLICATIONS
Using data over the last century, we show that the cross-sectional relation between investment and profitability among U.S. public firms is positive in the first half-century but negative in the recent four decades. The negative fundamental relation explains the high level and the positive correlation of investment and profitability premiums after 1980. In out-of-sample environments including the pre-1980 U.S. stock market where investment and profitability premiums are low and insignificant, the fundamental relation is positive. Given the time-varying investment-profitability correlation, both the in and out-of-sample behaviors of investment and profitability premiums are consistent with the neoclassical investment framework.