AI-Powered-Scholarship

Code used in Novy-Marx and Velikov (2025), AI-Powered (Finance) Scholarship. (Link to paper)

We first mine 30K+ potential stock return predictor signals from accounting data, and apply the Novy-Marx and Velikov (2024) "Assaying Anomalies" protocol to generate standardized "template reports" for 95 signals that pass the protocol's rigorous criteria. Each report details a signal's performance predicting stock returns using a wide array of tests and benchmarks it to more than 200 other known anomalies. Finally, we use state-of-the-art LLMs to generate four distinct complete versions of academic papers for each signal, each with different theoretical frameworks. You can find a description of the signals and links to the generated papers in the table below.

To listen to an AI-generated podcast on our paper about AI-generated papers, click here.

Generated Papers by Signal

Each signal has four paper versions:

• sdi: Slow diffusion of information / behavioral finance perspective
• prod: Production-based asset pricing theory
• cons: Consumption-based asset pricing theory
• free: Unrestricted theoretical development

Numerator	Denominator	Type	Signal Name	Acronym	Reference	Paper Versions
ACO	SEQ	ratio	Liquidity Leverage Intensity	LLI	Harking (2025a)	sdi	prod	cons	free
ACOX	CEQL	ratio	Sundry Asset Coverage	SAC	Harking (2025b)	sdi	prod	cons	free
ACOX	ICAPT	ratio	Miscellaneous Capital Intensity	MCI	Harking (2025c)	sdi	prod	cons	free
ACOX	SEQ	ratio	Residual Asset Burden	RAB	Harking (2025d)	sdi	prod	cons	free
AOLOCH	DPACT	ratio	Accrual Depreciation Sensitivity	ADS	Harking (2025e)	sdi	prod	cons	free
AOLOCH	LT	ratio	Balance Sheet Velocity	BSV	Harking (2025f)	sdi	prod	cons	free
AOLOCH	XINT	ratio	Debt Service Flexibility	DSF	Harking (2025g)	sdi	prod	cons	free
AQC	IVAO	diff	Acquisition Investment Discipline	AID	Harking (2025h)	sdi	prod	cons	free
AQC	WCAP	diff	Acquisition Capacity Utilization	ACU	Harking (2025i)	sdi	prod	cons	free
CAPS	XSGA	ratio	Operational Funding Efficiency	OFE	Harking (2025j)	sdi	prod	cons	free
CAPX	NOPIO	diff	Nonoperating Investment Sensitivity	NIS	Harking (2025k)	sdi	prod	cons	free
CAPXV	NOPI	diff	Capex Nonoperating Dependence	CND	Harking (2025l)	sdi	prod	cons	free
CEQ	COGS	ratio	Equity Production Intensity	EPI	Harking (2025m)	sdi	prod	cons	free
CEQL	CHE	diff	Equity Liquidity Absorption	ELA	Harking (2025n)	sdi	prod	cons	free
CH	EBIT	ratio	Cash Hoarding Intensity	CHI	Harking (2025o)	sdi	prod	cons	free
CH	EBITDA	ratio	Cash Conversion Cushion	CCC	Harking (2025p)	sdi	prod	cons	free
CH	OIADP	ratio	Operating Liquidity Coverage	OLC	Harking (2025q)	sdi	prod	cons	free
COGS	CSTK	ratio	Equity Operational Burden	EOB	Harking (2025r)	sdi	prod	cons	free
CSTK	ACT	diff	Equity Dilution Pressure	EDP	Harking (2025s)	sdi	prod	cons	free
CSTK	AO	diff	Equity Financing Intensity	EFI	Harking (2025t)	sdi	prod	cons	free
CSTK	AOX	diff	Equity Issuance Restraint	EIR	Harking (2025u)	sdi	prod	cons	free
CSTK	AT	diff	Equity Capital Discipline	ECD	Harking (2025v)	sdi	prod	cons	free
CSTK	CAPS	diff	Capital Reserve Depletion	CRD	Harking (2025w)	sdi	prod	cons	free
CSTK	CEQ	diff	Share Base Stability	SBS	Harking (2025x)	sdi	prod	cons	free
CSTK	DLC	diff	Equity Leverage Sensitivity	ELS	Harking (2025y)	sdi	prod	cons	free
CSTK	DP	diff	Equity Depreciation Absorption	EDA	Harking (2025z)	sdi	prod	cons	free
CSTK	DPACT	diff	Equity Preservation Intensity	EPI	Harking (2025aa)	sdi	prod	cons	free
CSTK	DVC	diff	Dividend Coverage Erosion	DCE	Harking (2025ab)	sdi	prod	cons	free
CSTK	DVT	diff	Payout Retention Signal	PRS	Harking (2025ac)	sdi	prod	cons	free
CSTK	EMP	diff	Employee Dilution Control	EDC	Harking (2025ad)	sdi	prod	cons	free
CSTK	GP	diff	Profit Dilution Resistance	PDR	Harking (2025ae)	sdi	prod	cons	free
CSTK	ICAPT	diff	Equity Financing Restraint	EFR	Harking (2025af)	sdi	prod	cons	free
CSTK	LT	diff	Equity Dilution Burden	EDB	Harking (2025ag)	sdi	prod	cons	free
CSTK	PPEGT	diff	Capital Structure Discipline	CSD	Harking (2025ah)	sdi	prod	cons	free
CSTK	SALE	diff	Revenue Dilution Avoidance	RDA	Harking (2025ai)	sdi	prod	cons	free
CSTK	SALE	ratio	Revenue Equity Efficiency	REE	Harking (2025aj)	sdi	prod	cons	free
CSTK	XSGA	diff	Operational Equity Absorption	OEA	Harking (2025ak)	sdi	prod	cons	free
CSTK	ME	diff	Share Issuance Restraint	SIR	Harking (2025al)	sdi	prod	cons	free
DLC	LT	diff	Maturity Structure Stability	MSS	Harking (2025am)	sdi	prod	cons	free
DLTIS	ACT	diff	Liquidity Leverage Burden	LLB	Harking (2025an)	sdi	prod	cons	free
DLTIS	AT	diff	Debt Expansion Restraint	DER	Harking (2025ao)	sdi	prod	cons	free
DLTIS	CAPS	diff	Equity Buffer Preservation	EBP	Harking (2025ap)	sdi	prod	cons	free
DLTIS	CAPX	diff	Investment Financing Conservatism	IFC	Harking (2025aq)	sdi	prod	cons	free
DLTIS	CAPXV	diff	Capital Intensity Alignment	CIA	Harking (2025ar)	sdi	prod	cons	free
DLTIS	CEQ	diff	Leverage Growth Discipline	LGD	Harking (2025as)	sdi	prod	cons	free
DLTIS	CEQL	diff	Debt Capacity Utilization	DCU	Harking (2025at)	sdi	prod	cons	free
DLTIS	DP	diff	Depreciation Financing Prudence	DFP	Harking (2025au)	sdi	prod	cons	free
DLTIS	DPACT	diff	Depreciation Coverage Moderation	DCM	Harking (2025av)	sdi	prod	cons	free
DLTIS	EBIT	diff	Earnings Debt Prudence	EDP	Harking (2025aw)	sdi	prod	cons	free
DLTIS	EBITDA	diff	Earnings Leverage Stability	ELS	Harking (2025ax)	sdi	prod	cons	free
DLTIS	GP	diff	Profit Borrowing Restraint	PBR	Harking (2025ay)	sdi	prod	cons	free
DLTIS	ICAPT	diff	Leverage Expansion Intensity	LEI	Harking (2025az)	sdi	prod	cons	free
DLTIS	PPEGT	diff	Asset Financing Restraint	AFR	Harking (2025ba)	sdi	prod	cons	free
DLTIS	PPENT	diff	Fixed Asset Conservatism	FAC	Harking (2025bb)	sdi	prod	cons	free
DLTIS	SALE	diff	Revenue Debt Discipline	RDD	Harking (2025bc)	sdi	prod	cons	free
DLTIS	SEQ	diff	Equity Dilution Protection	EDP	Harking (2025bd)	sdi	prod	cons	free
DLTIS	XOPR	diff	Operating Leverage Discipline	OLD	Harking (2025be)	sdi	prod	cons	free
DLTIS	XRENT	diff	Lease Financing Moderation	LFM	Harking (2025bf)	sdi	prod	cons	free
FINCF	CSTK	diff	Financing Activity Intensity	FAI	Harking (2025bg)	sdi	prod	cons	free
FINCF	PPEGT	diff	Capital Funding Prudence	CFP	Harking (2025bh)	sdi	prod	cons	free
ICAPT	NOPIO	diff	Capital Expansion Intensity	CEI	Harking (2025bi)	sdi	prod	cons	free
ICAPT	XSGA	ratio	Overhead Absorption Efficiency	OAE	Harking (2025bj)	sdi	prod	cons	free
INVT	NP	diff	Inventory Financing Burden	IFB	Harking (2025bk)	sdi	prod	cons	free
INVT	XSGA	diff	Inventory Overhead Efficiency	IOE	Harking (2025bl)	sdi	prod	cons	free
ITCI	ME	ratio	Tax Subsidy Intensity	TSI	Harking (2025bm)	sdi	prod	cons	free
IVCH	INTAN	diff	Intangible Investment Restraint	IIR	Harking (2025bn)	sdi	prod	cons	free
NP	CEQT	diff	Debt Capacity Preservation	DCP	Harking (2025bo)	sdi	prod	cons	free
OANCF	CEQ	ratio	Equity Cash Generation	ECG	Harking (2025bp)	sdi	prod	cons	free
OANCF	CEQL	ratio	Equity Yield Rate	EYR	Harking (2025bq)	sdi	prod	cons	free
OANCF	CSTK	ratio	Shareholder Cash Productivity	SCP	Harking (2025br)	sdi	prod	cons	free
OANCF	DLC	ratio	Debt Service Coverage	DSC	Harking (2025bs)	sdi	prod	cons	free
OANCF	DPACT	ratio	Cash Generation Multiple	CGM	Harking (2025bt)	sdi	prod	cons	free
OANCF	PPEGT	diff	Asset Cash Intensity	ACI	Harking (2025bu)	sdi	prod	cons	free
OANCF	SEQ	ratio	Equity Cash Return	ECR	Harking (2025bv)	sdi	prod	cons	free
OIADP	DVT	diff	Payout Earnings Sensitivity	PES	Harking (2025bw)	sdi	prod	cons	free
PPENT	DP	diff	Capital Replacement Intensity	CRI	Harking (2025bx)	sdi	prod	cons	free
PPENT	NOPIO	diff	Capital Nonoperating Sensitivity	CNS	Harking (2025by)	sdi	prod	cons	free
PPENT	XOPR	diff	Capital Expansion Burden	CEB	Harking (2025bz)	sdi	prod	cons	free
PPENT	XRENT	diff	Asset Lease Intensity	ALI	Harking (2025ca)	sdi	prod	cons	free
PRSTKC	CSTK	ratio	Equity Buyback Intensity	EBI	Harking (2025cb)	sdi	prod	cons	free
PRSTKC	DVC	ratio	Buyback Dividend Preference	BDP	Harking (2025cc)	sdi	prod	cons	free
PRSTKC	DVT	ratio	Repurchase Distribution Tilt	RDT	Harking (2025cd)	sdi	prod	cons	free
PRSTKC	NOPI	ratio	Nonoperating Buyback Reliance	NBR	Harking (2025ce)	sdi	prod	cons	free
PRSTKC	XINT	ratio	Buyback Debt Coverage	BDC	Harking (2025cf)	sdi	prod	cons	free
RECD	NOPIO	diff	Collection Risk Absorption	CRA	Harking (2025cg)	sdi	prod	cons	free
SALE	TXT	diff	Revenue Tax Sensitivity	RTS	Harking (2025ch)	sdi	prod	cons	free
SEQ	CHE	diff	Equity Dilution Intensity	EDI	Harking (2025ci)	sdi	prod	cons	free
TXC	DVC	ratio	Tax Payout Burden	TPB	Harking (2025cj)	sdi	prod	cons	free
TXDFED	EBIT	ratio	Tax Deferral Burden	TDB	Harking (2025ck)	sdi	prod	cons	free
TXDFED	OIADP	ratio	Tax Shield Intensity	TSI	Harking (2025cl)	sdi	prod	cons	free
TXFED	DVC	ratio	Tax Distribution Pressure	TDP	Harking (2025cm)	sdi	prod	cons	free
TXFED	DVT	ratio	Dividend Tax Friction	DTF	Harking (2025cn)	sdi	prod	cons	free
TXFED	ME	ratio	Tax Equity Burden	TEB	Harking (2025co)	sdi	prod	cons	free
XINT	CEQT	diff	Interest Burden Relief	IBR	Harking (2025cp)	sdi	prod	cons	free
XOPR	TXT	diff	Expense Tax Elasticity	ETE	Harking (2025cq)	sdi	prod	cons	free

---

Repository Structure

This repository contains code used to generate the papers as described in Novy-Marx and Velikov (2025), AI-Powered (Finance) Scholarship. This code is to be used in conjunction with the MATLAB asset pricing package that accompanies Novy-Marx and Velikov (2024), Assaying Anomalies.

Setup Instructions

1. MATLAB Toolkit Installation

Before running any scripts, you must first:

1. Download and install the MATLAB Toolkit from AssayingAnomalies
2. Follow the setup instructions in the AssayingAnomalies repository
3. Important: The results in Novy-Marx and Velikov (2025) use the pre-release v0.4 of the MATLAB Toolkit.

Pipeline Overview

The paper generation pipeline consists of three main stages:

Stage 1: Data Mining and Template Generation (MATLAB)

Stage 2: Signal Naming (Python)

Stage 3: Paper Generation with Multiple Theoretical Frameworks (Python)

---

Main Pipeline Scripts

1. 1_generate_template_reports.m

This MATLAB script sets up the initial data processing pipeline and performs the following operations:

1. Sets up the MATLAB environment and establishes necessary paths
2. Downloads COMPUSTAT variables and creates annual market equity via make_data.m
3. Runs 30K+ univariate sorts via run_data_mining.m
4. Organizes results in results.mat via organize_results.m
5. Filters results via filter_results.m
6. Runs the Assaying Anomalies protocol on the filtered signals via run_protocol.m

Prerequisites

• MATLAB installation
• Access to COMPUSTAT database
• Required MATLAB packages:
  • AssayingAnomalies Toolkit v0.4

Output

• Latex template reports for 95 signals that pass all filtering criteria
• Each template includes comprehensive statistical tests and comparisons to 200+ published anomalies
• signals.csv file that contains information for the 95 signals that pass the filters

---

2. main.py

This is the main Python script that orchestrates signal naming and paper generation:

Key Features:

• Signal Naming: Uses Claude Opus 4.1 to generate economically meaningful three-word names and acronyms
• Multi-Version Generation: Creates 4 distinct paper versions for each signal with different theoretical frameworks
• Hypothesis-Driven Content: Each version develops hypotheses from a specific theoretical perspective

Command-Line Arguments:

python main.py [options]

Key Arguments:

• --base-dir: Base directory containing .tex files (default: ./tex/)
• --signals-csv: CSV with signal definitions (default: signals.csv)
• --n-signals: Number of signals to process (default: 1)
• --n-versions: Number of versions per signal (default: 1, max: 4)
• --hypotheses: Subset of hypothesis lenses to use (default: all 4)
  • Choices: slow_diffusion, production_based, consumption_based, none
• --provider: LLM provider (default: anthropic, choices: openai, anthropic)
• --llm-model: Model name (default: claude-opus-4-1-20250805)
• --temperature: Sampling temperature (default: 0.7)
• --max-tokens: Max tokens for LLM responses (default: 20000)
• --skip-existing: Skip if PDF already exists
• --dry-run: Don't call LLMs or compile PDFs (still writes .tex files)
• --names-only: Only generate signal names, skip paper generation

The Four Theoretical Frameworks:

1. Version 1 (sdi - Slow Diffusion of Information)

   • Behavioral finance perspective
   • Emphasizes limited attention and gradual information incorporation
   • Cites work on investor inattention and news dispersion
   • Predicts return continuation concentrated in stocks with attention frictions

2. Version 2 (prod - Production-Based Asset Pricing)

   • Maps signals to marginal costs of production and investment frictions
   • Discusses exposure to productivity shocks and adjustment costs
   • Relates cross-sectional pricing to production-based risk factors
   • Frames return patterns through production economy framework

3. Version 3 (cons - Consumption-Based Asset Pricing)

   • Ties signals to consumption risk and marginal utility variations
   • Incorporates long-run risks and habit formation
   • Discusses state dependence and disaster risk
   • Relates findings to consumption-based factors and IMRS

4. Version 4 (free - Unrestricted Theoretical Development)

   • No specific theoretical guidance
   • LLM proposes economic mechanisms organically
   • Draws on established frameworks without constraint
   • Provides baseline for comparing directed approaches

Prerequisites

• Python 3.8+
• Required Python packages:
  • pandas
  • anthropic (for Claude API) or openai (for OpenAI API)
• API key for chosen LLM provider
• Input files:
  • compustat_variable_dictionary.csv
  • signals.csv generated by MATLAB code
  • LaTeX templates in ./tex/ directory generated by MATLAB code

Example Usage:

# Generate all 4 versions for first 5 signals
python main.py --n-signals 5 --n-versions 4

# Generate only behavioral finance version
python main.py --n-signals 10 --hypotheses slow_diffusion

# Dry run to check setup
python main.py --n-signals 1 --dry-run

# Generate names only
python main.py --n-signals 95 --names-only

---

3. models.py

Contains the core classes for paper generation:

Signal Class

Represents a financial signal with:

• var_name: Variable name (used for file naming)
• acronym: Short acronym (e.g., "LLI")
• signal_name: Full descriptive name (e.g., "Liquidity Leverage Intensity")
• numer: COMPUSTAT numerator variable
• denom: COMPUSTAT denominator variable
• signal_type: Either "ratio" or "diff"

LLMPaperGenerator Class

Handles all aspects of paper generation:

• Signal Naming: Generates creative, economically meaningful names using LLM
• Content Generation: Creates introduction, data, and conclusion sections
• Hypothesis Development: Produces distinct theoretical frameworks for each version
• LaTeX Processing: Cleans and formats templates, replaces placeholders
• Citation Management: Maintains .bib files and validates references
• PDF Compilation: Automates multi-pass LaTeX compilation

Key methods:

• generate_signal_name_and_acronym(): Creates unique signal names with duplicate detection
• clean_latex_title_page(): Removes boilerplate and inserts signal-specific information
• process_version(): Generates one complete paper version with specified hypothesis lens
• compile_pdf(): Runs pdflatex to create final PDF output

---

Output Files

1. signals_with_names.csv

Enhanced signal database containing:

• varName: Template file identifier
• numer, denom: COMPUSTAT variable codes
• signal_type: "ratio" or "diff"
• signal_name: LLM-generated descriptive name
• acronym: Short identifier

2. Generated Papers

File naming convention: {varName}_modified_v{1-4}_{sdi|prod|cons|free}.pdf

Examples:

• ACOSEQ_modified_v1_sdi.pdf - Liquidity Leverage Intensity (behavioral)
• ACOSEQ_modified_v2_prod.pdf - Liquidity Leverage Intensity (production-based)
• ACOSEQ_modified_v3_cons.pdf - Liquidity Leverage Intensity (consumption-based)
• ACOSEQ_modified_v4_free.pdf - Liquidity Leverage Intensity (unrestricted)

Each paper includes:

• Title page with abstract (~150 words)
• Introduction (~1,100 words) with hypothesis-specific theoretical development
• Data section describing signal construction
• Results from Assaying Anomalies protocol (figures and tables)
• Conclusion synthesizing findings
• References with proper BibTeX citations

---

LLM Configuration

Default Settings (Anthropic Claude):

• Model: claude-opus-4-1-20250805
• Temperature: 0.7
• Max Tokens: 20,000
• Timeout: 600 seconds

Alternative Provider (OpenAI):

• Model: gpt-4o-mini or gpt-3.5-turbo
• Enable with: --provider openai --llm-model gpt-4o-mini

Prompt Engineering

The system uses carefully structured prompts with:

• Signal Naming: Enforces three-word format, economic intuition, duplicate avoidance
• Introduction: 4-part structure (motivation, hypothesis, results, contribution)
• Hypothesis Development: Specific theoretical guidance for each version type
• Citations: Automatic generation of BibTeX entries from mentioned papers
• Style Guidelines: Active voice, precise terminology, academic conventions

---

Important Notes

1. API Keys: Set your API key as an environment variable:

   export ANTHROPIC_API_KEY="your-key-here"
   # or
   export OPENAI_API_KEY="your-key-here"

2. File Paths: Adjust paths in 1_generate_template_reports.m based on your system

3. Execution Order: Must run scripts sequentially:

   1. MATLAB script (template generation)
   2. Python script with --names-only (optional, for names)
   3. Python script (paper generation)

4. AssayingAnomalies Version: Use v0.4

5. Processing Time:

   • MATLAB stage: ~1 day for 30K sorts and protocol runs
   • Signal naming: ~2 minutes for 95 signals
   • Paper generation: ~12 hours for 380 papers (95 signals × 4 versions)

6. Cost Estimates (Claude Opus 4.1):

   • Signal naming: ~$10-15 for 95 signals
   • Paper generation: ~$200 for 380 papers

7. Duplicate Detection: The system tracks generated names to avoid duplicates, with up to 5 retry attempts per signal

---

Error Handling

The scripts include robust error handling for:

• Missing input files
• API failures and timeouts
• LaTeX compilation errors
• Duplicate name generation
• Invalid COMPUSTAT variable codes

Check console output for detailed error messages and warnings.

---

Suggested Citation

@article{NovyMarxVelikov2025,
    title={AI-Powered (Finance) Scholarship},
    author={Novy-Marx, Robert and Velikov, Mihail},
    journal={Working Paper},
    year={2025},
    note={Available at SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5060022}
}

---

References

• Harking, I. M. (2025a). Liquidity Leverage Intensity and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025b). Sundry Asset Coverage and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025c). Miscellaneous Capital Intensity and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025d). Residual Asset Burden and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025e). Accrual Depreciation Sensitivity and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025f). Balance Sheet Velocity and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025g). Debt Service Flexibility and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025h). Acquisition Investment Discipline and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025i). Acquisition Capacity Utilization and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025j). Operational Funding Efficiency and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025k). Nonoperating Investment Sensitivity and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025l). Capex Nonoperating Dependence and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025m). Equity Production Intensity and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025n). Equity Liquidity Absorption and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025o). Cash Hoarding Intensity and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025p). Cash Conversion Cushion and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025q). Operating Liquidity Coverage and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025r). Equity Operational Burden and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025s). Equity Dilution Pressure and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025t). Equity Financing Intensity and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025u). Equity Issuance Restraint and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025v). Equity Capital Discipline and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025w). Capital Reserve Depletion and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025x). Share Base Stability and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025y). Equity Leverage Sensitivity and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025z). Equity Depreciation Absorption and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025aa). Equity Preservation Intensity and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025ab). Dividend Coverage Erosion and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025ac). Payout Retention Signal and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025ad). Employee Dilution Control and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025ae). Profit Dilution Resistance and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025af). Equity Financing Restraint and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025ag). Equity Dilution Burden and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025ah). Capital Structure Discipline and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025ai). Revenue Dilution Avoidance and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025aj). Revenue Equity Efficiency and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025ak). Operational Equity Absorption and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025al). Share Issuance Restraint and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025am). Maturity Structure Stability and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025an). Liquidity Leverage Burden and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025ao). Debt Expansion Restraint and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025ap). Equity Buffer Preservation and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025aq). Investment Financing Conservatism and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025ar). Capital Intensity Alignment and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025as). Leverage Growth Discipline and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025at). Debt Capacity Utilization and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025au). Depreciation Financing Prudence and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025av). Depreciation Coverage Moderation and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025aw). Earnings Debt Prudence and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025ax). Earnings Leverage Stability and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025ay). Profit Borrowing Restraint and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025az). Leverage Expansion Intensity and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025ba). Asset Financing Restraint and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025bb). Fixed Asset Conservatism and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025bc). Revenue Debt Discipline and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025bd). Equity Dilution Protection and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025be). Operating Leverage Discipline and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025bf). Lease Financing Moderation and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025bg). Financing Activity Intensity and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025bh). Capital Funding Prudence and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025bi). Capital Expansion Intensity and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025bj). Overhead Absorption Efficiency and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025bk). Inventory Financing Burden and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025bl). Inventory Overhead Efficiency and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025bm). Tax Subsidy Intensity and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025bn). Intangible Investment Restraint and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025bo). Debt Capacity Preservation and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025bp). Equity Cash Generation and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025bq). Equity Yield Rate and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025br). Shareholder Cash Productivity and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025bs). Debt Service Coverage and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025bt). Cash Generation Multiple and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025bu). Asset Cash Intensity and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025bv). Equity Cash Return and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025bw). Payout Earnings Sensitivity and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025bx). Capital Replacement Intensity and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025by). Capital Nonoperating Sensitivity and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025bz). Capital Expansion Burden and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025ca). Asset Lease Intensity and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025cb). Equity Buyback Intensity and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025cc). Buyback Dividend Preference and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025cd). Repurchase Distribution Tilt and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025ce). Nonoperating Buyback Reliance and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025cf). Buyback Debt Coverage and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025cg). Collection Risk Absorption and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025ch). Revenue Tax Sensitivity and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025ci). Equity Dilution Intensity and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025cj). Tax Payout Burden and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025ck). Tax Deferral Burden and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025cl). Tax Shield Intensity and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025cm). Tax Distribution Pressure and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025cn). Dividend Tax Friction and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025co). Tax Equity Burden and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025cp). Interest Burden Relief and the Cross Section of Stock Returns. Working Paper.
• Harking, I. M. (2025cq). Expense Tax Elasticity and the Cross Section of Stock Returns. Working Paper.
• Novy-Marx, R. and M. Velikov (2024). Assaying Anomalies. Working Paper.
• Novy-Marx, R. and M. Velikov (2025). AI-Powered (Finance) Scholarship. Working Paper.

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License

This code is provided for research purposes. Please cite the paper when using this code or the generated papers.

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Contact

For questions or issues, please open an issue on GitHub or contact the authors at velikov@psu.edu and robert.novy-marx@simon.rochester.edu.