Security Analysis: An Investment Perspective

Kewei Hou, Haitao Mo, Chen Xue and Lu Zhang
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Kewei Hou: Ohio State University (OSU) - Department of Finance
Haitao Mo: E. J. Ourso College of Business, Louisiana State University
Chen Xue: University of Cincinnati
Lu Zhang: Ohio State University - Fisher College of Business; National Bureau of Economic Research (NBER)

Working Paper Series from Ohio State University, Charles A. Dice Center for Research in Financial Economics

Abstract: The investment theory, in which the expected return varies cross-sectionally with investment, expected profitability, and expected growth, is a good start to understanding Graham and Dodd’s (1934) Security Analysis. Empirically, the q5 model goes a long way toward explaining prominent equity strategies rooted in security analysis, including Frankel and Lee’s (1998) intrinsic-to-market value, Piotroski’s (2000) fundamental score, Greenblatt’s (2005) “magic formula,†Asness, Frazzini, and Pedersen’s (2019) quality-minus-junk, Buffett’s Berkshire, Bartram and Grinblatt’s (2018) agnostic analysis, as well as Penman and Zhu’s (2014, 2018) and Lewellen’s (2015) expected-return strategies.

JEL-codes: G12 G14 (search for similar items in EconPapers)
Date: 2019-07
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:ecl:ohidic:2019-16

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