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Is all that glitters gold? A look atFortune magazine’s 100 Fastest-Growing Companies

Anthony Thomas Garcia, Anthony Loviscek and Kangzhen Xie

Managerial Finance, 2019, vol. 45, issue 7, 827-841

Abstract: Purpose - Does Design/methodology/approach - Using data for 26 annual periods, 1991–2016, the paper examines the top 5, 10, 25, 50 and all 100 stocks on a return-risk basis, including an application of Modern Portfolio Theory. To generate portfolio performance metrics, the study uses conventional mean-variance analysis, which includes the estimation of returns and risks, where risk will be measured by standard deviation and Findings - The study finds that the returns are not high enough nor are the risks low enough statistically to conclude the existence of significant information content. Research limitations/implications - As part of the authors’ efforts to move to the population of 2,600 firms as closely as possible, the authors use “delisting” returns from CRSP on 120 firms to account for missing observations, with a final sample size of 2,594 firms. Practical implications - The evidence indicates that investors drawn to Originality/value - On the basis of the results of this study, readers will conclude that subscribers drawn to

Keywords: Risks; Returns; Portfolios; Sharpe ratio (search for similar items in EconPapers)
Date: 2019
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