The study found that stocks with high current prices compared to their 52-week high prices tend to earn high future returns. This relationship is linked to future profitability and investment growth, which are both positively related to high price-to-52-week-high ratios. By considering future investment growth information from price levels, the q-factor model can better capture anomalies related to future investment growth. Overall, the findings suggest that the high price-to-52-week-high ratio anomaly aligns with the investment CAPM theory.