主要内容
CONTENT
【Abstract】
This study investigates the investment value of retail sales growth using a unique dataset obtained
from the China Ants Alliance, a retailer alliance in China. Leveraging this dataset, we construct a
weekly sales growth rate index (??) and draw significant conclusions about consumer-oriented
firms. The hedge portfolios constructed based on this index earn a 0.206% excess weekly
return. The predictability of the returns from the index persists after controlling for various firm
characteristics. Sales growth also positively predicts firms’ fundamentals, such as revenue growth
and cash flow surprises, highlighting the investment value of retail sales in predicting future cash
flows and a firm’s revenue. Overall, we enrich the literature on consumer behavior information
and stock pricing. We further expand the exploration of the investment value of nonfinancial
information and provide a valuable reference for investors and the capital market.
【Keywords】
Alternative data、Stock pricing、Retail sales、Consumer behavior、Consumer-oriented company、Cash flow surprises
【Authors】
Elsevier
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