Value Investing: Cheapness, Quality, and Investor Confidence

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Sammanfattning

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.
OriginalspråkEngelska
Titel på gästpublikationEuropean Financial Management Association 2015 Annual Meetings
FörlagNyenrode Business Universiteit
Utgivningsdatum2015
StatusPublicerad - 2015
MoE-publikationstypA4 Artikel i en konferenspublikation
Evenemang2015 Annual Meetings of European Financial Management association (EFMA) - Nyenrode Business Universiteit, Amsterdam, Holland
Varaktighet: 24.06.201527.06.2015
Konferensnummer: 24

Nyckelord

  • 511 Nationalekonomi
  • 512 Företagsekonomi

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