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Operating Return Trends

  • Richard Skolnik
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    This study examines the operating returns, margins and turnovers of non-financial S&P 500 companies from 1982-1999. At the aggregate level, operating return remains relatively stable during the time period and exhibits no trend. However, asset turnover displays a steady decrease, which is offset by increasing profit margins. The cross-sectional analysis indicates that although margin and turnover both contribute to superior return, margin is more highly correlated to return. Consistent with economic theory for a competitive equilibrium environment, margin and turnover are negatively correlated with each other in both the cross-sectional and time-series analyses. Operating returns do not exhibit a trend but they vary cyclically with changes in GDP.

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    Article provided by New York State Economics Association (NYSEA) in its journal New York Economic Review.

    Volume (Year): 33 (2002)
    Issue (Month): 1 ()
    Pages: 42-50

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    Handle: RePEc:nye:nyervw:v:33:y:2002:i:1:p:42-50
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