Role of human assets in measuring firm performance and its implication for firm valuation

被引：0
|
作者：
Maiti M. [1 ]
Vuković D. [1 ,2 ]
机构：
[1] Department for Finance, St. Petersburg School of Economics and Management, National Research University Higher School of Economics, Kantemirovskaya St. 3A, Saint Petersburg
[2] Finance and Credit Department, Faculty of Economics, People’s Friendship University of Russia (RUDN University), Miklukho-Maklaya str.6, Moscow
来源：
Journal of Economic Structures | / 9卷 / 1期
关键词：
Asset Pricing; Factor models; Human asset; Risk;
D O I：
10.1186/s40008-020-00223-3
中图分类号：
学科分类号：
摘要：
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. © 2020, The Author(s).
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