---
title: Owner's Earnings, Cash-based Operating Profits, and Capital Expenditures in the Cross Section of Stock Returns
url: https://www.ml-quant.com/papers/ssrn/4794183/
site: ML-Quant (https://www.ml-quant.com)
updated: 2026-09-26
license: Summaries CC BY 4.0; links go to the original sources
index: https://www.ml-quant.com/llms.txt
identifier: SSRN 4794183
source_url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4794183
featured: 2024-04-17
citations: 0
topic: Asset Pricing & Factors
---


# Owner's Earnings, Cash-based Operating Profits, and Capital Expenditures in the Cross Section of Stock Returns

Stocks with high owner's earnings tend to predict average stock returns and outperform other factors, providing significant alpha over the FamaFrench 6factor and q5 factor models.

- Source: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4794183
- Identifier: SSRN 4794183
- Released: 2024-04-14
- First featured: Quant Letter No. 45 (2024-04-17): https://www.ml-quant.com/issues/2024-04-17/
- Citations (Semantic Scholar): 0
- Published in: not yet
- Topic: Asset Pricing & Factors

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