A Test of The Errors - in Expectations Explanation of The Value / Glamour Stock Returns Performance : Evidence from Analysts' Forecasts  

Oleh:

Doukas, John A. ; Pantzalis, Christos ; Kim, Chansog (Francis)

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 57 no. 5 (2002), page 2143-2166.
Topik: financial forecasts; studies; rates of return; forecasting techniques; investment policies; earnings
Fulltext: p 2143.pdf (115.38KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

Lihat Detail Induk

Isi artikel

Several empirical studies show that investment strategies that favor the purchase of stocks with low prices relative to conventional 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 have performed poorly. The paper examines whether investors systematically overestimate (underestimate) the future earnings performance of glamour (value) stocks over the 1976 - 1997 period. The 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.

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali