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Intangibles Adjusted Value Xsec Pit

Updated dailyData needs: mediumlong only
paper
2017
Source
Peters, R. H., Taylor, L. A. (2017). Intangible Capital and the Investment-q Relation. Journal of Financial Economics 123(2), 251-272. Alphactor uses declared fixed depreciation parameters and adjusted book-to-market, not the paper's full industry-specific investment-q estimator.
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In plain terms

Research-only accepted-time fundamental policy. It is not production-approved or an established return effect.

How it works

incorrect_implementation: an RD/TA own-history z-score below a 200-day moving average is not capitalized intangible value; the successor builds Peters-Taylor perpetual-inventory capital inspired perpetual-inventory capital (delta_RD 15%, 30% of SG&A excluding R&D at delta 20%, zero pre-sample stocks, minimum three statements) into adjusted book-to-market; this is not the paper's industry-specific full-history estimator

No live results for this strategy yet. Charts appear once it has earned a top spot on at least one stock, either on its own or as part of a blend of several strategies.
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Data dependencies

  • Xbrl fundamental snapshots pit

    A data feed this strategy reads, refreshed on its normal schedule.

  • Xsec accounting factor signals

    A data feed this strategy reads, refreshed on its normal schedule.

  • Xsec fundamental formation manifests

    A data feed this strategy reads, refreshed on its normal schedule.

  • Stock borrow pit

    A data feed this strategy reads, refreshed on its normal schedule.

Expected edge

No inherited alpha claim; evaluate this causal policy post-cost against identical-episode controls.

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