tang
Asset Tangibility — Hahn and Lee 2009
Leverage
Quick facts
| Factor ID | tang |
| Display name | Asset Tangibility |
| Family | Predictor |
| Category | Leverage |
| Direction | higher_expected_return |
| Status | supported |
| Paper | Hahn and Lee 2009 |
| Source tables | — |
| Required fields | — |
| PIT required | yes |
| Coverage | 2010-04-27 – 2026-05-15 · 665,019 rows · 97.1% of panel |
Formula
tangible_asset / total_assets
China adaptation
No adaptation note.
Direction-adjusted cumulative return
Return metrics
| Metric | Value |
|---|---|
| Months in sample | 193 |
| Monthly mean | 0.3990% |
| Monthly std | 3.9228% |
| Annualized Sharpe | 0.35 |
| t-stat (simple) | 1.41 |
| Hit rate (months > 0) | 54.4% |
| Last 12M compounded | 7.30% |
| Cumulative wealth (start = 1) | 1.864 |
Recent 12 months
| Month | L/S return | Cumulative | Names |
|---|---|---|---|
| 2025-05 | +2.65% | 1.784 | 5027 |
| 2025-06 | +0.93% | 1.800 | 5037 |
| 2025-07 | +2.41% | 1.844 | 5038 |
| 2025-08 | -1.26% | 1.820 | 5050 |
| 2025-09 | -1.98% | 1.784 | 5057 |
| 2025-10 | -1.30% | 1.761 | 5063 |
| 2025-11 | +2.35% | 1.803 | 5067 |
| 2025-12 | +1.40% | 1.828 | 5080 |
| 2026-01 | -1.47% | 1.801 | 5079 |
| 2026-02 | -2.83% | 1.750 | 5084 |
| 2026-03 | +4.19% | 1.823 | 5085 |
| 2026-04 | +2.26% | 1.864 | 5084 |
Known data issues
None recorded.
Notes
None recorded.
See also: Leverage family, Factor library, Factor returns.