Value Investing: Cheapness, Quality, and Investor Confidence

Research output: Chapter in Book/Report/Conference proceedingConference contributionScientificpeer-review


This paper investigates whether signals from changes in investors’ portfolio concentrations can be used to enhance the performance of value and value/quality stock portfolios. Using data on all the more than 1.3 million investor portfolios participating in the Finnish stock market, I find that increases in average shareholder portfolio concentration, a signal of investor confidence, can be used to improve the performance of value portfolios and portfolios selected based on value and quality signals. The results indicate that shareholder portfolio concentration can be used as an additional signal to improve the performance of value-oriented investing strategies.
Original languageEnglish
Title of host publicationEuropean Financial Management Association 2015 Annual Meetings
PublisherNyenrode Business Universiteit
Publication date2015
Publication statusPublished - 2015
MoE publication typeA4 Article in conference proceedings
Event2015 Annual Meetings of European Financial Management association (EFMA) - Nyenrode Business Universiteit, Amsterdam, Netherlands
Duration: 24.06.201527.06.2015
Conference number: 24


  • 511 Economics
  • 512 Business and Management


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