Research from Brandes Institute, updated from a previous report. "Out of favor stocks often are associated with companies experiencing hard times, operating in mature industries, or facing similarly adverse circumstances. Alternatively, fast-growing "glamour" firms frequently function in dynamic industries with a relatively high profile. This start contrast in attributes leads to a natural question: which stocks perform better, value or glamour?"
Research from Brandes Institute found that value stocks outperformce remained substantial, even when the study's samples was adjusted to include Nasdaq stocks and exclude micro caps. For example, annualized five-year returns for the lowest price-to-book (value) stocks in Nasdaq-inclusinve, cap-screened sample averaged 17.9% over the 1968 ti 2006 period, while returns for the highest price-to-book (glamour) stocks average 10.45.
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Research from Brandes Institute found that value stocks outperformce remained substantial, even when the study's samples was adjusted to include Nasdaq stocks and exclude micro caps. For example, annualized five-year returns for the lowest price-to-book (value) stocks in Nasdaq-inclusinve, cap-screened sample averaged 17.9% over the 1968 ti 2006 period, while returns for the highest price-to-book (glamour) stocks average 10.45.
Read the complete report
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