Christopher Polk

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...

Management Science, 0(0).

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.

Journal of Financial Economics, 128 (2), 207-233