https://scotch.io/tutorials/how-to-push-an-existing-project-to-github
https://wrds-web.wharton.upenn.edu/wrds/tools/variable.cfm?library_id=129&file_id=65811
https://wrds-web.wharton.upenn.edu/wrds/ds/compd/funda/index.cfm?navId=83
STILL MISSING
Standard Industrial Classification Code Variable Name = SIC
North American Industrial Classification System Variable Name = NAICS
libname comp '/wrds/comp/sasdata/d_na/segments_current';
libname comp '/wrds/comp/sasdata/d_na/company';
libname comp '/wrds/comp/sasdata/d_na'; comp.company can be simply replaced by comp.names, and cusip in select sql needs to be specified as f.cusip
- Guetal.(2018) assess the performance of a wide range of machine learning approaches in the context of predicting future stock returns. They show that machine learning techniques, in particular gradient boosted trees and neural networks, substantially outperform classic predictive methods based on least squares regressions.
- Intuitively, investment predicts returns because given expected cash flows, high costs of capital imply low net present values of new capital and low investment, and low costs of capital imply high net present values of new capitalandhighinvestment.ROEpredictsreturnsbecausehighexpectedROE relative to low investment must imply high discount rates. The high discount rates are necessary to offset the high expected ROE to induce low net present values of new capital and low investment. If the discount rates were not high enough, firms would instead observe high net present values of new capital and invest more. Conversely, low expected ROE relative to high investment must imply low discount rates. If the discount rates were not low enough to counteractthelowexpectedROE,firmswouldinsteadobservelownetpresent values of new capital and invest less.
- 折现率 = 盈利率/投资成本。相对于盈利率，投资越多 的公司，折现率越低，股票预期收益率也越低。相当于投 资，盈利率越高的公司，折现率越高，股票预期收益率也 越高。