{"id":"https://openalex.org/W4249749652","doi":"https://doi.org/10.1111/jofi.12771","title":"Real Anomalies","display_name":"Real Anomalies","publication_year":2019,"publication_date":"2019-03-19","ids":{"openalex":"https://openalex.org/W4249749652","doi":"https://doi.org/10.1111/jofi.12771"},"language":"en","primary_location":{"id":"doi:10.1111/jofi.12771","doi":"https://doi.org/10.1111/jofi.12771","is_oa":false,"landing_page_url":"https://doi.org/10.1111/jofi.12771","pdf_url":null,"source":{"id":"https://openalex.org/S5353659","display_name":"The Journal of Finance","issn_l":"0022-1082","issn":["0022-1082","1540-6261"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Finance","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5064777411","display_name":"Jules H. van Binsbergen","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"JULES H. van BINSBERGEN","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5036120585","display_name":"Christian C. Opp","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I40120149","display_name":"University of Oxford","ror":"https://ror.org/052gg0110","country_code":"GB","type":"education","lineage":["https://openalex.org/I40120149"]},{"id":"https://openalex.org/I79576946","display_name":"University of Pennsylvania","ror":"https://ror.org/00b30xv10","country_code":"US","type":"education","lineage":["https://openalex.org/I79576946"]}],"countries":["GB","US"],"is_corresponding":false,"raw_author_name":"CHRISTIAN C. OPP","raw_affiliation_strings":["Jules H. van Binsbergen is with the Wharton School of the University of Pennsylvania and NBER. Christian C. Opp is with the Wharton School of the University of Pennsylvania. We thank the Editor Stefan Nagel and an anonymous referee for their helpful and constructive feedback. Moreover, we thank Andy Abel, Malcolm Baker (discussant), Markus Brunnermeier, John Campbell, Andrea Eisfeldt, Nicolae Ga\u0302rleanu, Vincent Glode, Itay Goldstein, Joa\u0303o Gomes, Urban Jermann, Tom Sargent, Sydney Ludvigson, Hanno Lustig, Stijn van Nieuwerburgh, Dimitris Papanikolaou (discussant), Thomas Philippon (discussant), Krishna Ramaswamy, Rob Stambaugh, Jeremy Stein, Jessica Wachter, Tony Whited, Amir Yaron, and seminar participants at the 7th Advances in Macro-Finance Tepper-LAEF Conference, Berkeley Haas, BI-SHoF Conference on Financial Econometrics, London Business School, Michigan Ross, NBER Summer Institute Asset Pricing, University of Oxford, Princeton University, and the Wharton Conference on Liquidity and Financial Crises for their helpful comments. We have read the Journal of Finance's disclosure policy and have no conflict of interests to disclose"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Jules H. van Binsbergen is with the Wharton School of the University of Pennsylvania and NBER. Christian C. Opp is with the Wharton School of the University of Pennsylvania. We thank the Editor Stefan Nagel and an anonymous referee for their helpful and constructive feedback. Moreover, we thank Andy Abel, Malcolm Baker (discussant), Markus Brunnermeier, John Campbell, Andrea Eisfeldt, Nicolae Ga\u0302rleanu, Vincent Glode, Itay Goldstein, Joa\u0303o Gomes, Urban Jermann, Tom Sargent, Sydney Ludvigson, Hanno Lustig, Stijn van Nieuwerburgh, Dimitris Papanikolaou (discussant), Thomas Philippon (discussant), Krishna Ramaswamy, Rob Stambaugh, Jeremy Stein, Jessica Wachter, Tony Whited, Amir Yaron, and seminar participants at the 7th Advances in Macro-Finance Tepper-LAEF Conference, Berkeley Haas, BI-SHoF Conference on Financial Econometrics, London Business School, Michigan Ross, NBER Summer Institute Asset Pricing, University of Oxford, Princeton University, and the Wharton Conference on Liquidity and Financial Crises for their helpful comments. We have read the Journal of Finance's disclosure policy and have no conflict of interests to disclose","institution_ids":["https://openalex.org/I40120149","https://openalex.org/I79576946"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":4430,"currency":"USD","value_usd":4430},"apc_paid":null,"fwci":14.5459,"has_fulltext":false,"cited_by_count":94,"citation_normalized_percentile":{"value":0.99095563,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":97,"max":100},"biblio":{"volume":"74","issue":"4","first_page":"1659","last_page":"1706"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9990000128746033,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9990000128746033,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.0003000000142492354,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.00019999999494757503,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/asset-pricing-anomalies","display_name":"asset pricing anomalies","score":0.8960000276565552},{"id":"https://openalex.org/keywords/alpha","display_name":"alpha","score":0.7269999980926514},{"id":"https://openalex.org/keywords/real-economy","display_name":"real economy","score":0.6579999923706055},{"id":"https://openalex.org/keywords/lumpy-investment","display_name":"lumpy investment","score":0.7450000047683716},{"id":"https://openalex.org/keywords/tobin-s-q","display_name":"Tobin's Q","score":0.8519999980926514},{"id":"https://openalex.org/keywords/closed-form-distribution","display_name":"closed-form distribution","score":0.6420000195503235}],"concepts":[{"id":"https://openalex.org/C2781009140","wikidata":"https://www.wikidata.org/wiki/Q7170389","display_name":"Persistence (discontinuity)","level":2,"score":0.6999619007110596},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6345342397689819},{"id":"https://openalex.org/C181236170","wikidata":"https://www.wikidata.org/wiki/Q848354","display_name":"Capital asset pricing model","level":2,"score":0.6108523011207581},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.5791865587234497},{"id":"https://openalex.org/C8901936","wikidata":"https://www.wikidata.org/wiki/Q1050524","display_name":"Tobin's q","level":2,"score":0.5436803698539734},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.5324780941009521},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.5008163452148438},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.49715307354927063},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4655744731426239},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.4496508240699768},{"id":"https://openalex.org/C64943373","wikidata":"https://www.wikidata.org/wiki/Q2651003","display_name":"Alpha (finance)","level":4,"score":0.43347883224487305},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.3984268009662628},{"id":"https://openalex.org/C136264566","wikidata":"https://www.wikidata.org/wiki/Q159810","display_name":"Economy","level":1,"score":0.15271684527397156},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.09073185920715332},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.08744412660598755},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.08375754952430725},{"id":"https://openalex.org/C205649164","wikidata":"https://www.wikidata.org/wiki/Q1071","display_name":"Geography","level":0,"score":0.07264518737792969},{"id":"https://openalex.org/C127313418","wikidata":"https://www.wikidata.org/wiki/Q1069","display_name":"Geology","level":0,"score":0.06458136439323425},{"id":"https://openalex.org/C2780378061","wikidata":"https://www.wikidata.org/wiki/Q25351891","display_name":"Service (business)","level":2,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C187320778","wikidata":"https://www.wikidata.org/wiki/Q1349130","display_name":"Geotechnical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0},{"id":"https://openalex.org/C106906290","wikidata":"https://www.wikidata.org/wiki/Q1140909","display_name":"Cronbach's alpha","level":3,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1111/jofi.12771","doi":"https://doi.org/10.1111/jofi.12771","is_oa":false,"landing_page_url":"https://doi.org/10.1111/jofi.12771","pdf_url":null,"source":{"id":"https://openalex.org/S5353659","display_name":"The Journal of Finance","issn_l":"0022-1082","issn":["0022-1082","1540-6261"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Finance","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":63,"referenced_works":["https://openalex.org/W1484799109","https://openalex.org/W1508732204","https://openalex.org/W1531758582","https://openalex.org/W1556979268","https://openalex.org/W1579562321","https://openalex.org/W1972190631","https://openalex.org/W1994228146","https://openalex.org/W1995834279","https://openalex.org/W2002882686","https://openalex.org/W2014290939","https://openalex.org/W2026548894","https://openalex.org/W2031796872","https://openalex.org/W2032947759","https://openalex.org/W2038224101","https://openalex.org/W2056674732","https://openalex.org/W2072806856","https://openalex.org/W2081432842","https://openalex.org/W2088006783","https://openalex.org/W2101341554","https://openalex.org/W2103838917","https://openalex.org/W2105988864","https://openalex.org/W2107012790","https://openalex.org/W2113704261","https://openalex.org/W2116905505","https://openalex.org/W2116988722","https://openalex.org/W2125520394","https://openalex.org/W2132082635","https://openalex.org/W2136120210","https://openalex.org/W2165613656","https://openalex.org/W2173913116","https://openalex.org/W2178691748","https://openalex.org/W2182051792","https://openalex.org/W2185764662","https://openalex.org/W2753335427","https://openalex.org/W2761336591","https://openalex.org/W2892057800","https://openalex.org/W2902996851","https://openalex.org/W2946185378","https://openalex.org/W3018229955","https://openalex.org/W3021190191","https://openalex.org/W3021302892","https://openalex.org/W3121333276","https://openalex.org/W3121847382","https://openalex.org/W3122183263","https://openalex.org/W3122311863","https://openalex.org/W3122551571","https://openalex.org/W3122610594","https://openalex.org/W3122862942","https://openalex.org/W3123190879","https://openalex.org/W3124375558","https://openalex.org/W3124580288","https://openalex.org/W3124591263","https://openalex.org/W3125574887","https://openalex.org/W3125757009","https://openalex.org/W3125872690","https://openalex.org/W4211170237","https://openalex.org/W4231546411","https://openalex.org/W4236584637","https://openalex.org/W4239467316","https://openalex.org/W4242541877","https://openalex.org/W4243567118","https://openalex.org/W4250963022","https://openalex.org/W4253542043"],"related_works":["https://openalex.org/W4312054910","https://openalex.org/W7111859250","https://openalex.org/W3138542595","https://openalex.org/W7046284731","https://openalex.org/W1971753483","https://openalex.org/W3125498870","https://openalex.org/W1551028533","https://openalex.org/W7206111421","https://openalex.org/W6981635770","https://openalex.org/W120197797"],"abstract_inverted_index":{"ABSTRACT":[0],"We":[1],"examine":[2],"the":[3,12,25,54,66,72,86,89,92,98],"importance":[4,87],"of":[5,24,27,74,81,88,94,101],"cross\u2010sectional":[6],"asset":[7],"pricing":[8],"anomalies":[9,46],"(alphas)":[10],"for":[11],"real":[13,50,82],"economy.":[14,67],"To":[15],"this":[16],"end,":[17],"we":[18],"develop":[19],"a":[20,78],"novel":[21],"quantitative":[22],"model":[23,69],"cross\u2010section":[26],"firms":[28,102],"that":[29,45,56,71],"features":[30],"lumpy":[31],"investment":[32],"and":[33,84,97],"informational":[34],"inefficiencies,":[35,51],"while":[36],"yielding":[37],"distributions":[38],"in":[39],"closed":[40],"form.":[41],"Our":[42],"findings":[43],"indicate":[44],"can":[47],"cause":[48],"material":[49],"which":[52],"raises":[53],"possibility":[55],"agents":[57],"who":[58],"help":[59],"eliminate":[60],"them":[61],"add":[62],"significant":[63],"value":[64],"to":[65],"The":[68],"shows":[70],"magnitude":[73],"alphas":[75],"alone":[76],"is":[77],"poor":[79],"indicator":[80],"outcomes,":[83],"highlights":[85],"alpha":[90],"persistence,":[91],"amount":[93],"mispriced":[95],"capital,":[96],"Tobin's":[99],"q":[100],"affected.":[103]},"counts_by_year":[{"year":2026,"cited_by_count":7},{"year":2025,"cited_by_count":9},{"year":2024,"cited_by_count":8},{"year":2023,"cited_by_count":14},{"year":2022,"cited_by_count":16},{"year":2021,"cited_by_count":10},{"year":2020,"cited_by_count":15},{"year":2019,"cited_by_count":7},{"year":2018,"cited_by_count":4},{"year":2017,"cited_by_count":4}],"updated_date":"2026-10-14T16:39:01.820549","created_date":"2022-05-12T00:00:00"}