NDLI: Discussion of “Separating Winners from Losers among Low Book-to-Market Stocks using Financial Statement Analysis”

Content Provider	Springer Nature Link
Author	Piotroski, Joseph D.
Copyright Year	2005
Abstract	The conference paper by Mohanram (2005) provides evidence on the success of contextual financial statement analysis in the low book-to-market (i.e., glamour) stock setting. The economic benefits of the strategy are concentrated in the identification of glamour firms that will ultimately underperform the market. In contrast to traditional accounting-based anomalies, Mohanram’s growth-based trading strategy is stronger among large, heavily followed firms, suggesting that the mechanism behind the mispricing of glamour firms is different than the traditional information environment and dissemination arguments found in other settings. Despite the robustness of the reported results, the strategy faces implementation constraints due to (1) the relative costs associated with gathering industry-adjusted data and (2) the frictions and costs associated with capitalizing on expected price declines over a long horizon. Finally, the relative benefits of contextual analysis need to be assessed against the predictive benefits accruing to traditional financial statement analysis-based investment techniques.
Starting Page	171
Ending Page	184
Page Count	14
File Format	PDF
ISSN	13806653
Journal	Review of Accounting Studies
Volume Number	10
Issue Number	2-3
e-ISSN	15737136
Language	English
Publisher	Kluwer Academic Publishers
Publisher Date	2005-01-01
Publisher Place	Dordrecht
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	financial statement analysis growth stocks accounting-based investment strategies Accounting/Auditing Finance /Banking Public Finance & Economics
Content Type	Text
Resource Type	Article
Subject	Accounting

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Separating Winners from Losers among LowBook-to-Market Stocks using Financial Statement Analysis

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