The Enterprise Multiple Investment Strategy: International Evidence
研究发现企业倍数（EM）能预测国际股票回报，低EM公司组合每月比高EM公司组合多赚约1%，该效应在发达和新兴市场、大小公司中均显著，且持续长达5年，对投资者有参考价值。
Abstract The enterprise multiple (EM) predicts the cross section of international returns. The return predictability of EM is similarly pronounced in developed and emerging markets and likewise strong among small and large firms. An international portfolio of low-EM firms outperforms a portfolio of high-EM firms by about 1% per month. The EM value premium is individually significant for the majority of countries, remains largely unexplained by existing asset pricing models, is robust after controlling for comovement with the respective U.S. premium, and is highly persistent for up to 5 years after portfolio formation, making it a promising strategy for investors.