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Wednesday, May 6, 2020 | History

2 edition of Contrarian investment, extrapolation, and risk found in the catalog.

Contrarian investment, extrapolation, and risk

Josef Lakonishok

Contrarian investment, extrapolation, and risk

by Josef Lakonishok

  • 381 Want to read
  • 10 Currently reading

Published by National Bureau of Economic Research in Cambridge, MA .
Written in English

    Subjects:
  • Investment analysis.,
  • Stocks -- Prices.

  • Edition Notes

    StatementJosef Lakonishok, Robert W. Vishny, Andrei Shleifer.
    SeriesNBER working paper series -- working paper no. 4360, Working paper series (National Bureau of Economic Research) -- working paper no. 4360.
    ContributionsVsihny Robert W., Schleifer, Andrei.
    The Physical Object
    Pagination32, [12] p. ;
    Number of Pages32
    ID Numbers
    Open LibraryOL22439515M

      The Journal of France analysts Josef Lakonishok, Andrei Shleifer and Robert W. Vishny have a look at value investing strategies that outperform the market such as contrarian investment, extrapolation, and risk.   Contrarian is an investment style that goes against prevailing market trends by buying poorly performing assets and then selling when they perform well. A contrarian .

      Contrarian Investment Strategies provides a clear synthesis of the research that backs value investing. It also packs a good dose of simple executable advice - in Dremen's name is eponymous with successful contrarian investing and this book methodically shows why (along with the impressive records of the Kemper-Dremen funds).4/5(). One of the great debates in finance is whether the source of the value premium is risk-based or a behavioral anomaly. In our book, “Your Complete Guide to Factor-Based Investing,” my co-author Andrew Berkin and I present the evidence showing that there are good arguments on both , it’s likely the answer isn’t black or white.

    Background. In , academics Josef Lakonishok, Andrei Shleifer, and Robert Vishny published “Contrarian Investment, Extrapolation, and Risk.” Using data from through , they grouped U.S. stocks into value and growth segments based on price-to-book, price-to-cash flow, and price-to-earnings ratios, as well as sales growth. The researchers concluded that, for a broad range of. TY - JOUR. T1 - Contrarian investment strategies, extrapolation and risk in Australia. AU - Tan, J. AU - Wickramanayake, Jayasinghe. PY - Y1 - Author: J Tan, Jayasinghe Wickramanayake.


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Contrarian investment, extrapolation, and risk by Josef Lakonishok Download PDF EPUB FB2

That is, investors in value stocks, such as high book‐to‐market stocks, tend to bear higher fundamental risk of some sort, and their higher average returns are simply compensation for this risk. This argument is also used by critics of De Bondt and Thaler and Ball and Kothari ()) to dismiss their overreaction story.

Whether value strategies Contrarian investment produced higher returns because they are contrarian to naive Cited by: contrarianinvestment,extrapolation,andrisk 3 separately measurable characteristics of glamourand value. In this paper,past performance is measured usinginformation on past growth insales.

For many years, scholars and investment professionals have argued that value strategies outperform the market. These value strategies call for buying stocks that have low prices relative to earnings, dividends, book assets, or other measures of fundamental by: Lakonishok, Josef, Andrei Shleifer, and Robert W Vishny.

“Contrarian Investment, Extrapolation, and Risk.” Journal of Finance 49 (5): Cited by: extrapolation Contrarian Investment, Extrapolation, and Risk.

NBER Working Paper No. w the market. These value strategies call for extrapolation stocks that have low prices relative to earnings, dividends, book assets, or other measures of fundamental value. Andrei and Vishny, Robert W., Contrarian Investment, Extrapolation, and Risk. JOURNAL OF FINANCE Cited by: Contrarian Investment, Extrapolation, and Risk information on past growth in sales, earnings, and cash flow, and expected performance is measured by multiples of price to current earnings and cash flow.

We examine the most obvious implication of the contrarian model, namely that value stocks outperform glamour stocks. Contrarian Investment, Extrapolation, and Risk The Harvard community has made this article openly available.

Please share how this access benefits you. Your story matters Citation Lakonishok, Josef, Andrei Shleifer, and Robert W Vishny. Contrarian Investment, Extrapolation, and Risk.

Journal of Fina no. 5: Cited by: Contrarian Investment, Extrapolation, and Risk. Josef Lakonishok, Andrei Shleifer and Robert Vishny. Journal of Finance,vol. 49, issue 5, Abstract: For many years, scholars and investment professionals have argued that value strategies outperform the market.

These value strategies call for buying stocks that have low prices relative to earnings, dividends, book assets, or other measures of Cited by: Contrarian Investing Hardcover – January 1, by Anthony M.

Gallea (Author), William Patalon (Author) out of 5 stars 17 ratings4/5(17). Created Date: 4/1/ PM. Contrarian Investment, Extrapolation, and Risk.

NBER Working Paper No. w the market. These value strategies call for buying stocks that have low prices relative to earnings, dividends, book assets, or other measures of fundamental value. Josef and Shleifer, Andrei and Vishny, Robert W., Contrarian Investment, Extrapolation, and Risk Cited by: These value strategies call for buying stocks that have low prices relative to earnings, dividends, book assets, or other measures of fundamental value.

While there is some agreement that value strategies produce higher returns, the interpretation of why they do so is more by:   Value Strategies: Contrarian Investment, Extrapolation, And Risk – Introduction FOR MANY YEARS, SCHOLARS and investment professionals have argued that value strategies outperform the market (Graham and Dodd () and Dreman ()).

Get this from a library. Contrarian investment, extrapolation, and risk. [Josef Lakonishok; Robert W Vishny; Andrei Shleifer; National Bureau of Economic Research.].

texts All Books All Texts latest This Just In Smithsonian Libraries FEDLINK Contrarian investment, extrapolation, and risk Item Preview remove-circle Share or Embed This Item. EMBED EMBED (for Contrarian investment, extrapolation, and risk by Lakonishok, Pages: Josef Lakonishok & Andrei Shleifer & Robert W.

Vishny, "Contrarian Investment, Extrapolation, and Risk," University of Chicago - George G. Stigler Center for Study of Economy and St Chicago - Center for Study of Economy and : RePEc:fth:chices Contrarian Investment, Extrapolation, and Risk.

For many years, scholars and investment professionals have argued that value strategies outperform the market. These value strategies call for buying stocks that have low prices relative to earnings, dividends, book assets, or other measures of fundamental value. Contrarian Investment, Extrapolation, and Risk For many years, scholars and investment professionals have argued that value strategies outperform the market.

These value strategies call for buying stocks that have low prices relative to earnings, dividends, book assets, or other measures of fundamental value. In Contrarian Investment, Extrapolation, and Risk LSV define “value strategies” as “buying stocks that have low prices relative to earnings, dividends, book assets, or other measures of fundamental value.” They argue that, while there is some agreement that value strategies produce higher returns, the interpretation of why they do so is more controversial.

Get this from a library. Contrarian investment, extrapolation, and risk. [Josef Lakonishok; Robert Vishny; Andrei Schleifer; National Bureau of Economic Research.] -- Abstract: For many years, stock market analysts have argued that value strategies outperform the market.

These value strategies call for buying stocks that have low prices relative to earnings. In Contrarian Investment Strategies: The Psychological Edge Dreman lays bare the deficiencies of the efficient market hypothesis, the investment rationale that states stock prices incorporate all known information.

He also provides decades worth of data to show the woeful inaccuracy of analysts' by: These value strategies call for buying stocks that have low prices relative to earnings, dividends, book assets, or other measures of fundamental value.

While there is some agreement that value strategies produce higher returns, the interpretation of why they do so is more controversial. This paper provides evidence that value strategies yield.Lakonishok, J., Shleifer, A. and Vishny, R. () Contrarian Investment, Extrapolation, and Risk.

Journal of Finance, 51,