An Analysis of Portfolio Accumulation Strategies Employing Low-Priced Common Stocks

George E. Pinches and Gary M. Simon

Journal of Financial and Quantitative Analysis, 1972, vol. 7, issue 3, 1773-1796

Abstract: The recent studies of Fisher and Lorie [10 and 11], Brigham and Pappas [2], and others have contributed significantly to our knowledge about overall rates of returns on common stocks. There is, in addition, a growing body of empirical evidence investigating the performance of alternative portfolio maintenance strategies [4, 8, 9, and 13]. However, to date, this evidence for rates of return under alternative portfolio strategies has been obtained for a “one-time” investment decision (with allowances for reinvestment of dividends and possible intraportfolio reallocation). In this paper the effects of alternative portfolio accumulation strategies on subsequent portfolio rates of returns are examined.

Date: 1972
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