如何提高投资质量

IF 3.8 4区 管理学 Q2 BUSINESS
Luis Otero González, Pablo Durán Santomil, João Paulo da Torre Vieito, Juan Carlos Reboredo
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引用次数: 0

摘要

在本文中,我们基于包含803只美国股票的数据集,评估了2014-2020年期间质量投资与经济护城河、ESG(环境、社会和治理)和分析师意见之间的关系。使用几个指标(回报和alpha)来评估绩效。我们的研究结果表明,以投资资本回报率(ROIC)衡量的优质股票表现优异。竞争优势的结合可以更好地区分经典的高质量战略。投资高质量和高ESG的股票需要支付溢价,但购买具有经济护城河的优质公司可以弥补这一负面影响。结果表明,具有竞争优势的优质公司如何获得更好的未来绩效,并以更高的估值得到市场的认可。然而,市场可能需要时间来认识到这个价值,因为纳入平均价格与价格目标(分析师共识)会增加未来的表现。JEL分类:G11;八国;G23
本文章由计算机程序翻译,如有差异,请以英文原文为准。
How to improve quality investing
In this article, we evaluate the relationship between quality investing combined with Economic Moat, ESG (Environmental, Social and Governance) and analyst opinions over the period 2014–2020 based on a data set comprising 803 US stocks. Performance is evaluated using several metrics (returns and alphas). Our results show that quality stocks measured by return on invested capital (ROIC) exhibit superior performance. The incorporation of competitive advantages allows a better discrimination among the classic high-quality strategies. Investment in stocks with quality and high ESG entails the payment of a premium but buying quality companies with Economic Moat makes up for this negative aspect. The results show how quality companies that have competitive advantages obtain a better future performance and are recognized by the market with a higher valuation. However, the markets may take time to recognize this value since the incorporation of the average Price-to-Price target (Analyst consensus) increases the future performance. JEL classification: G11; G14; G23
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来源期刊
CiteScore
7.50
自引率
6.90%
发文量
14
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