Is (Systematic) Value Investing Dead?

Israel, Ronen; Laursen, Kristoffer; Richardson, Scott

doi:10.2139/ssrn.3554267

Cited by 6 publications

(2 citation statements)

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“…Past (univariate) approaches focusing on specific types of uncapitalized expenditures that create intangible capital did not permit measurement of the aggregate effects of corporate spending on various types of intangible capital and evaluation of interindustry differences arising from the influence of such spending on valuation ratios or other investment metrics. 3 Some researchers (e.g., Israel, Laursen, and Richardson 2020) have recommended intra-industry valuation of companies to account for differences in the types and amounts of intangible capital on equity valuations among industries. Our composite intangible-intensity measure offers investors an alternative way to capture the financial statement effects of variations in intangible capital in various industries and compare their different effects.…”

Section: Motivation For the Studymentioning

confidence: 99%

Equity Investing in the Age of Intangibles

Dugar¹,

Pozharny

2021

Financial Analysts Journal

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E xpenditures for the creation of intangible capital have increased since the 1990s, but accounting standards have not adapted to this increase. Among the sample of non-US companies we studied for this article, the proportion of capitalized intangible assets (excluding goodwill) relative to total assets increased from 0.2% to 2.2% between 1994 and 2018, and for US companies, these assets rose from 2.75% to 6.12%. Uncapitalized intangible capital expenditures, such as those on research and development (R&D), also increased over the same period. For our sample of international companies, R&D expenses relative to total revenues rose from 1.52% to 2.20%, and for US companies, they grew from 9.47% to 14.36% from 1994 to 2018. Recently, several authors investigated the impact of the increase in importance of intangible assets relative to that of physical assets on US value investing strategies (

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Section: Motivation For the Studymentioning

confidence: 99%

Equity Investing in the Age of Intangibles

Dugar¹,

Pozharny

2021

Financial Analysts Journal

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“…However, many approaches to value investing have suffered, which gives rise to various researches to explain the reasons. Israel et al found significant evidence that basic information is related to the stock price, but in some periods, stock prices become less correlated with fundamental information [9]. Lev identify two major reasons for the failure of value investing: accounting deficiencies leading to inaccurate identification of value and the change of fundamental economic developments [10].…”

Section: Introductionmentioning

confidence: 99%

Stock Analysis Based on Value Investment

Liu¹,

Yu²,

Shi³

2021

Proceedings of the 2021 International Conference on Economic Development and Business Culture (ICEDBC 2021)

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Nowadays, value investment has become an increasingly important measurement standard. This paper compares enterprises in three different industries to put forward various investment opinions more accurately. In this paper, the quantitative and qualitative research methods are mixed with studying and measuring the stock selection. The paper results are as follows: First, this paper selects stocks based on three factors: the P/E ratio, the EV/ EBITDA ratio, and the Profitability Yield. We recommend CNX MIDSTREAM PARTNERS LP as a good example of investment in horizontal and vertical comparisons with the analysis of these factors. Second, it is considered an important factor that CNX possesses natural environmental advantages and seizes the opportunity of the times in global warming. From the perspective of theoretical contribution, the research of this paper has a certain contribution to the theoretical development of value investment. From the practical point of view, this paper provides a reference for investors' actual investment decisions.

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Role of size and risk effects in value anomaly: Evidence from the Indian stock market

Sharma

Jain

2020

Cogent Economics & Finance

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Is (Systematic) Value Investing Dead?

Cited by 6 publications

References 0 publications

Equity Investing in the Age of Intangibles

Equity Investing in the Age of Intangibles

Stock Analysis Based on Value Investment

Role of size and risk effects in value anomaly: Evidence from the Indian stock market

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