Security Analysis: An Investment Perspective

Kewei Hou, Haitao Mo, Chen Xue and Lu Zhang ()

No 26060, NBER Working Papers from National Bureau of Economic Research, Inc

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 q^5 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 G31 M41 (search for similar items in EconPapers)
Date: 2019-07
New Economics Papers: this item is included in nep-cfn
Note: AP CF EFG
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Citations: View citations in EconPapers (2)

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