Value Effect

Bill Jiang ()
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Bill Jiang: Legal & General Investment Management

Chapter Chapter 12 in Investment Strategies, 2022, pp 147-159 from Springer

Abstract: Abstract Value is a common investment style and systematic driver of investment returns. The value approach seeks to earn excess returns by selecting stocks with attractive valuation levels. This chapter examines the historical performance of the value factor. It presents a range of common valuation metrics used in equity research. The chapter provides a practical model that decomposes total return into earnings growth, P/E change and dividend return. The model shows the relevance of valuation in portfolio management. It can be applied to forecast future market returns.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-82711-3_12

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DOI: 10.1007/978-3-030-82711-3_12

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