Growth Or Glamour
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Growth Or Glamour
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Author : John Y. Campbell
language : en
Publisher:
Release Date : 2005
Growth Or Glamour written by John Y. Campbell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Stocks categories.
The cash flows of growth stocks are particularly sensitive to temporary movements in aggregate stock prices (driven by movements in the equity risk premium), while the cash flows of value stocks are particularly sensitive to permanent movements in aggregate stock prices (driven by market-wide shocks to cash flows.) Thus the high betas of growth stocks with the market's discount-rate shocks, and of value stocks with the market's cash-flow shocks, are determined by the cash-flow fundamentals of growth and value companies. Growth stocks are not merely "glamour stocks" whose systematic risks are purely driven by investor sentiment. More generally, accounting measures of firm-level risk have predictive power for firms' betas with market-wide cash flows, and this predictive power arises from the behavior of firms' cash flows. The systematic risks of stocks with similar accounting characteristics are primarily driven by the systematic risks of their fundamentals.
Growth Or Glamour Fundamentals And Systematic Risk In Stock Returns
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Author : John Y. Campbell
language : en
Publisher:
Release Date : 2010
Growth Or Glamour Fundamentals And Systematic Risk In Stock Returns written by John Y. Campbell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
The cash flows of growth stocks are particularly sensitive to temporary movements in aggregate stock prices (driven by movements in the equity risk premium), while the cash flows of value stocks are particularly sensitive to permanent movements in aggregate stock prices (driven by market-wide shocks to cash flows.) Thus the high betas of growth stocks with the market's discount-rate shocks, and of value stocks with the market's cash-flow shocks, are determined by the cash-flow fundamentals of growth and value companies. Growth stocks are not merely quot;glamour stocksquot; whose systematic risks are purely driven by investor sentiment. More generally, accounting measures of firm-level risk have predictive power for firms' betas with market-wide cash flows, and this predictive power arises from the behavior of firms' cash flows. The systematic risks of stocks with similar accounting characteristics are primarily driven by the systematic risks of their fundamentals.
Value Vs Glamour
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Author : Brandes Institute
language : en
Publisher:
Release Date : 2009
Value Vs Glamour written by Brandes Institute 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.
As described in our Value vs. Glamour studies, value stocks have outperformed growth stocks over the long term. But what about commonly used benchmarks? Over the long term, aren't returns for growth and value indices about the same?
Value Vs Glamour
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Author : Brandes Institute
language : en
Publisher:
Release Date : 2008
Value Vs Glamour written by Brandes Institute and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
In Value vs. Glamour: The Challenge of Expectations, the Brandes Institute examines the historical performance of individual glamour and value stocks. We believe this performance data demonstrates why investors should be cognizant of the relationship between stock price and value. The specific stock references remind investors that companies with soaring growth rates and wide popularity may not always make great investments.
The Girls Book Of Glamour
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Author : Sally Jeffrie
language : en
Publisher: Michael O'Mara Books
Release Date : 2011-07-31
The Girls Book Of Glamour written by Sally Jeffrie and has been published by Michael O'Mara Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-07-31 with Juvenile Nonfiction categories.
Be confident. Be gorgeous. Be glamorous. The tips and tricks in this book will help girls reveal the goddess inside.
Glamour Brands And Glamour Stocks
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Author : Matthew T. Billett
language : en
Publisher:
Release Date : 2014
Glamour Brands And Glamour Stocks written by Matthew T. Billett and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
We explore the influence of customer perceptions from the product market on firms' return characteristics in the stock market. Using a unique dataset containing customers' opinions on over 1,200 brands, we find that stocks of companies with prestigious brands have large negative loadings on the Fama-French HML factor. This relation holds after controlling for risk explanations of HML (distress risk and asset irreversibility/growth). This relation, however, does not persist over time: it appears (dissipates) when overall market-wide investor sentiment is high (low); it attenuates as the brand becomes well-known; it varies as customer perceptions vary over time; and it diminishes as institutional holdings increase. Overall we conclude that glamour in the product market appears to partially drive glamour in the stock market.
Advances In Behavioral Finance Volume Ii
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Author : Richard H. Thaler
language : en
Publisher: Princeton University Press
Release Date : 2005-07-25
Advances In Behavioral Finance Volume Ii written by Richard H. Thaler and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-07-25 with Business & Economics categories.
A definitive and wide-ranging overview of developments in behavioural finance over the past ten years. This second volume presents twenty recent papers by leading specialists that illustrate the abiding power of behavioural finance.
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.
A Test Of The Errors In Expectations Explanation Of The Value Glamour Stock Returns Performance
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Author : John A. Doukas
language : en
Publisher:
Release Date : 2003
A Test Of The Errors In Expectations Explanation Of The Value Glamour Stock Returns Performance 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 2003 with categories.
Several empirical studies show that investment strategies that favor the purchase of stocks with low prices relative to dividends, earnings, book value or other measures of value yield higher returns. Some of these studies imply that investors are too optimistic about (glamour) stocks that have had good performance in the recent past and too pessimistic about (value) stocks that had performed poorly. In this paper we examine whether investors systematically overestimate (underestimate) the future earnings performance of glamour (value) stocks over the 1976-1997 period. Our results fail to support the extrapolation hypothesis that posits that the superior performance of value stocks is because investors make systematic errors in predicting future growth in earnings of out-of-favor 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.