国际货币网：【IMI Working Paper No. 2403 [EN]】零售业销售增长的投资价值探析——来自中国零售联盟的证据（英文版）

This study investigates the investment value of retail sales growth using a unique dataset obtainedfrom the China Ants Alliance, a retailer alliance in China. Leveraging this dataset, we construct aweekly sales growth rate index (𝑆𝐺) and draw significant conclusions about consumer-oriented firms. The hedge portfolios constructed based on this index earn a 0.206% excess weekly return. The predictability of the returns from the index persists after controlling for various firm characteristics.