---
title: Industry Information and Equity Return Predictability
url: https://www.ml-quant.com/papers/ssrn/7486138/
site: ML-Quant (https://www.ml-quant.com)
updated: 2026-09-26
license: Summaries CC BY 4.0; links go to the original sources
index: https://www.ml-quant.com/llms.txt
identifier: SSRN 7486138
source_url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7486138
featured: 2026-09-25
citations: unknown
topic: Econometrics & Forecasting
---


# Industry Information and Equity Return Predictability

Using production, employment, and sales data across 426 industries, the research shows that upstream industry signals predict aggregate monthly stock returns with 23.8% out-of-sample R-squared.

- Source: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7486138
- Identifier: SSRN 7486138
- Released: 2026-09-19
- First featured: Quant Letter No. 132 (2026-09-25): https://www.ml-quant.com/issues/2026-09-25/
- Citations (Semantic Scholar): not tracked
- Published in: not yet
- Topic: Econometrics & Forecasting
- Authors: Elham Ghorbani, Rasoul Foroughfard

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