Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/261594 
Year of Publication: 
2020
Citation: 
[Journal:] Journal of Economic Structures [ISSN:] 2193-2409 [Volume:] 9 [Issue:] 47 [Publisher:] Springer [Place:] Heidelberg [Year:] 2020 [Pages:] 1-27
Publisher: 
Springer, Heidelberg
Abstract: 
The purpose of the study is to evaluate the role of human asset in firm performance and its implication for firm valuation. To do so a modified five-factor model with human asset designed for capturing the size, value, profitability and investment in average portfolio returns that performs better than both Fama-French (1993) three- and Fama-French (2015) five-factor model. Study redefines CMA factors as CvMAv that includes human assets in it. The main problem with the modified five-factor model with human asset is the microcap with conservative investment stocks whose returns behave like that low-value unprofitable firms.
Subjects: 
Human asset
Factor models
Asset Pricing
Risk
JEL: 
G12
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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