Disagreement And The Superior Performance Of Value Stocks
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Disagreement And The Superior Performance Of Value Stocks
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Author : John A. Doukas
language : en
Publisher:
Release Date : 2004
Disagreement And The Superior Performance Of Value Stocks written by John A. Doukas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
We investigate whether divergence of opinion among investors, manifested in the dispersion of analysts' earnings forecasts, plays an important role in asset pricing. Specifically, we test whether disagreement can explain the cross-sectional return difference between value and growth stocks over the 1983-2001 period. Consistent with the theoretical proposition of Williams (1977), that stocks subject to greater investor disagreement earn higher returns, we find value stocks to be exposed to greater investor disagreement than glamour stocks. Our findings suggest that the return advantage of value strategies is a reward for the greater disagreement characterizing their future growth in earnings. Alternative multifactor asset pricing tests show that investor disagreement plays an important role in explaining the superior return of value stocks.
Divergent Opinions And The Performance Of Value Stocks
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Author : John A. Doukas
language : en
Publisher:
Release Date : 2009
Divergent Opinions And The Performance Of Value Stocks written by John A. Doukas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
Divergence of opinions among investors, manifested in the dispersion of analysts' earnings forecasts, may play an important role in asset pricing. This article reports tests of whether disagreement can explain the cross-sectional return difference between value and growth (or glamour) stocks in the U.S. market over the 1983-2001 period. Consistent with the theoretical proposition that stocks subject to greater investor disagreement earn higher returns, the tests found value stocks to be exposed to greater investor disagreement than growth stocks. This finding suggests that the return advantage of value strategies is a reward for the greater disagreement about their future growth in earnings. Alternative multifactor asset-pricing tests supported the proposition that investor disagreement plays an important role in explaining the superior return of value stocks.
Investigating The Risk Argument For The Value Premium
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Author : Desmond Ong
language : en
Publisher:
Release Date : 2009
Investigating The Risk Argument For The Value Premium written by Desmond Ong and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
The value premium remains a puzzle despite considerable research effort in accounting for the higher returns earned by value stocks relative to growth stocks. A rational explanation is that value stocks are more risky than growth stocks. We seek to validate the risk argument in a nonparametric framework with the method of stochastic dominance. This approach avoids the model misspecification problem inherent in traditional CAPM or multifactor risk pricing models. We explore the dominance relationship in good and bad states of the economy and equity market to check if the superior performance of value investing persists in regimes where investors have different risk aversion. We find that value stocks stochastically dominate growth stocks very robustly, implying the implausibility of any risk-based explanation for the value premium puzzle.
Risk And Return In Asian Emerging Markets
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Author : N. Cakici
language : en
Publisher: Springer
Release Date : 2014-08-13
Risk And Return In Asian Emerging Markets written by N. Cakici and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-08-13 with Business & Economics categories.
Risk and Return in Asian Emerging Markets offers readers a firm insight into the risk and return characteristics of leading Asian emerging market participants by comparing and contrasting behavioral model variables with predictive forecasting methods.
Value Investing
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Author : Bruce C. Greenwald
language : en
Publisher: John Wiley & Sons
Release Date : 2004-01-26
Value Investing written by Bruce C. Greenwald and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-01-26 with Business & Economics categories.
From the "guru to Wall Street's gurus" comes the fundamental techniques of value investing and their applications Bruce Greenwald is one of the leading authorities on value investing. Some of the savviest people on Wall Street have taken his Columbia Business School executive education course on the subject. Now this dynamic and popular teacher, with some colleagues, reveals the fundamental principles of value investing, the one investment technique that has proven itself consistently over time. After covering general techniques of value investing, the book proceeds to illustrate their applications through profiles of Warren Buffett, Michael Price, Mario Gabellio, and other successful value investors. A number of case studies highlight the techniques in practice. Bruce C. N. Greenwald (New York, NY) is the Robert Heilbrunn Professor of Finance and Asset Management at Columbia University. Judd Kahn, PhD (New York, NY), is a member of Morningside Value Investors. Paul D. Sonkin (New York, NY) is the investment manager of the Hummingbird Value Fund. Michael van Biema (New York, NY) is an Assistant Professor at the Graduate School of Business, Columbia University.
The Value Connection
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Author : Marc H. Gerstein
language : en
Publisher: John Wiley & Sons
Release Date : 2003-10-07
The Value Connection written by Marc H. Gerstein and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-10-07 with Business & Economics categories.
A market beating method for finding success in trading stocks Value is a concept that frequently eludes investors -- especially when it comes to stocks. In many cases, successfully identifying value can make the difference between picking a winner and getting burned. The Value Connection offers a systematic and doable method investors can use to take advantage of value in the stock market. Based on author Marc Gerstein's "Value Connection" method, this book will show investors how to find potentially attractive value connections, analyze specific situations to see if the value connection is sound, buy the best value connected opportunities, and sell stocks for which the value connection has weakened. The proven four-step method outlined -- which allows investors to understand the relationship between a company and its stock -- will help any investor screen the stock market for the best values out there. Real world examples make understanding this revolutionary investing method easy. Marc H. Gerstein (New York, NY) is the Director of Investment Research at Multex. Prior to that, he was in the research and editorial department at Value Line. Over the course of two decades he analyzed stocks across a wide variety of industries and sectors, including household products, specialty retail, restaurants, mining, energy, hotel/gaming, homebuilding, airlines, railroads, and media. Gerstein appears periodically on CNNfn, Bloomberg TV, and is often quoted in USA Today, CBS MarketWatch, The Wall Street Journal, The New York Daily News, and Money Online. He is also the author of Screening the Market (0-471-21559-7).
What Is Value Investing
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Author : Lawrence A. Cunningham
language : en
Publisher: McGraw Hill Professional
Release Date : 2004-04-22
What Is Value Investing written by Lawrence A. Cunningham and has been published by McGraw Hill Professional this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-04-22 with Business & Economics categories.
Today's Most Easy-to-Understand Introduction to Value Investing--How It Works, and How to Make It Work for You Lawrence Cunningham is one of today's leading authorities on value investing. What Is Value Investing? provides you with the knowledge and tools you need to make value investing a profitable part of your financial strategy. It explains how to: Measure the true value of a stock, not the value given to it by an emotion-driven marketplace Uncover and avoid companies that look impressive but hide serious problems Invest only in companies that fall within your "circle of competence"--products and companies you truly understand Use the eight key rules of value investing to screen every stock for value before you add it to your portfolio Value investors don't simply buy low-priced shares; they invest in solid, proven companies. What is Value Investing? will give you the knowledge to become a successful value investor who insists on investing only in high-quality, time-proven companies and getting them for pennies on the dollar. Lawrence Cunningham is a professor of law and business at Boston College. The author of Outsmarting the Smart Money and How to Think Like Benjamin Graham and Invest Like Warren Buffett, Professor Cunningham has been featured in publications from Forbes to Money and on networks including CNBC, CNN, and PBS.
Esg And Responsible Institutional Investing Around The World A Critical Review
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Author : Pedro Matos
language : en
Publisher: CFA Institute Research Foundation
Release Date : 2020-05-29
Esg And Responsible Institutional Investing Around The World A Critical Review written by Pedro Matos and has been published by CFA Institute Research Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-29 with Business & Economics categories.
This survey examines the vibrant academic literature on environmental, social, and governance (ESG) investing. While there is no consensus on the exact list of ESG issues, responsible investors increasingly assess stocks in their portfolios based on nonfinancial data on environmental impact (e.g., carbon emissions), social impact (e.g., employee satisfaction), and governance attributes (e.g., board structure). The objective is to reduce exposure to investments that pose greater ESG risks or to influence companies to become more sustainable. One active area of research at present involves assessing portfolio risk exposure to climate change. This literature review focuses on institutional investors, which have grown in importance such that they have now become the largest holders of shares in public companies globally. Historically, institutional investors tended to concentrate their ESG efforts mostly on corporate governance (the “G” in ESG). These efforts included seeking to eliminate provisions that restrict shareholder rights and enhance managerial power, such as staggered boards, supermajority rules, golden parachutes, and poison pills. Highlights from this section: · There is no consensus on the exact list of ESG issues and their materiality. · The ESG issue that gets the most attention from institutional investors is climate change, in particular their portfolio companies’ exposure to carbon risk and “stranded assets.” · Investors should be positioning themselves for increased regulation, with the regulatory agenda being more ambitious in the European Union than in the United States. Readers might come away from this survey skeptical about the potential for ESG investing to affect positive change. I prefer to characterize the current state of the literature as having a “healthy dose of skepticism,” with much more remaining to be explored. Here, I hope the reader comes away with a call to action. For the industry practitioner, I believe that the investment industry should strive to achieve positive societal goals. CFA Institute provides an exemplary case in its Future of Finance series (www.cfainstitute.org/research/future-finance). For the academic community, I suggest we ramp up research aimed at tackling some of the open questions around the pressing societal goals of ESG investing. I am optimistic that practitioners and academics will identify meaningful ways to better harness the power of global financial markets for addressing the pressing ESG issues facing our society.
Value And Growth Investing
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Author : Louis K.C. Chan
language : en
Publisher:
Release Date : 2004
Value And Growth Investing written by Louis K.C. Chan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
A great deal of academic empirical research has been published on value and growth investing. We review and update this literature, discuss the various explanations for the performance of value versus growth stocks, review the empirical research on the alternative explanations, and provide some new results based on an updated and expanded sample. The evidence suggests that, even after taking into account the experience of the late 1990s, value investing generates superior returns. Common measures of risk do not support the argument that the return differential is a result of the higher riskiness of value stocks. Instead, behavioral considerations and the agency costs of delegated investment management lie at the root of the value-growth spread.
Summary Of Bruce C Greenwald Judd Kahn Paul D Sonkin S Value Investing
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Author : Everest Media,
language : en
Publisher: Everest Media LLC
Release Date : 2022-03-26T22:59:00Z
Summary Of Bruce C Greenwald Judd Kahn Paul D Sonkin S Value Investing written by Everest Media, and has been published by Everest Media LLC this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-03-26T22:59:00Z with Business & Economics categories.
Please note: This is a companion version & not the original book. Sample Book Insights: #1 Value investing is the process of buying securities only when their market prices are significantly below their calculated intrinsic value. It is a simple process, but it requires a lot of discipline. #2 There are two types of fundamental investors: macrofundamentalists, who are concerned with broad economic factors that affect the entire market, and microfundamentalists, who are concerned with the economics of specific securities. #3 There are many different approaches to microfundamentalist investing, and each one focuses on a different set of economic fundamentals and securities. The most common approach focuses on current price of a stock or other security as the point of departure, and then studies the history of this security to anticipate how the critical variables will change. #4 The case for value investing is both theoretical and factual. It has been proven that value investing strategies have worked, and over extended periods, they have produced better returns than have both the leading alternatives and the market as a whole.