![Christopher Polk](/sites/default/files/styles/large/public/2021-01/Polk-200x200.jpg?itok=kyKBNsS7)
![Christopher Polk](/sites/default/files/styles/large/public/2021-01/Polk-200x200.jpg?itok=kyKBNsS7)
We propose a loglinear present-value identity in which investment ("scale"), profitability ("yield"), and discount rates determine a firm’s market-to...
We propose a novel way to estimate a portfolio’s abnormal price, the percentage gap between price and the present value of dividends computed with a...
We study dynamic portfolio choice in a calibrated equilibrium model where value and momentum anomalies arise because capital slowly moves from under-...
Journal of Financial Economics, 145(1), 217-238
The Review of Financial Studies, 35(7), 3272–3302
Journal of Financial Economics, 134 (1), 192-213.