Fundamental Anomalies

The authors thank Lukas Schmid (department editor), the associated editor, and two anonymous referees and Li An, Hang Bai, Frederico Belo, Jules Van Bingsbergen, Andrei Gonçalves, Feng Gao, Xiaodan Gao, Stefano Giglio, Bing Han, Xiaoji Lin, Clark Liu, Raymond Liaung, Xiaomeng Lu, Danqing Mei, Zhongzhi Song, Dacheng Xiu, Chen Xue, Lu Zhang, Miao Ben Zhang, Jing Zhao, and seminar and conference participants at Cheung Kong Graduate School of Business, Renmin Business School, Shanghai Advanced Institute of Finance, PBC School of Finance, University of Connecticut (the 6th annual finance conference), 2021 Asian Finance Association Annual Meeting, 2022 Financial Management Association Annual Meeting, and 2022 Global AI Finance Research Conference for helpful comments. Erica X.N. Li and Guoliang Ma are co-first authors. Author names are arranged alphabetically. All remaining errors are our own.