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Security Analysis: An Investment Perspective

Author

Listed:
  • Hou, Kewei

    (Ohio State University (OSU) - Department of Finance)

  • Mo, Haitao

    (E. J. Ourso College of Business, Louisiana State University)

  • Xue, Chen

    (University of Cincinnati)

  • Zhang, Lu

    (Ohio State University - Fisher College of Business; National Bureau of Economic Research (NBER))

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.

Suggested Citation

  • Hou, Kewei & Mo, Haitao & Xue, Chen & Zhang, Lu, 2019. "Security Analysis: An Investment Perspective," Working Paper Series 2019-16, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    • Handle: RePEc:ecl:ohidic:2019-16
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    Cited by:

    1. Black, Dirk & Neururer, Thaddeus, 2024. "Do analysts provide information about other comprehensive income in book value forecasts for financial firms?," Advances in accounting, Elsevier, vol. 64(C).
    2. Lu Zhang, 2019. "Q-factors and Investment CAPM," NBER Working Papers 26538, National Bureau of Economic Research, Inc.

    More about this item

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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