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Value Effect

In: Investment Strategies

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  • Bill Jiang

    (Legal & General Investment Management)

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.

Suggested Citation

  • Bill Jiang, 2022. "Value Effect," Springer Books, in: Investment Strategies, chapter 0, pages 147-159, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-82711-3_12
    DOI: 10.1007/978-3-030-82711-3_12
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