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Contrarian Investment, Extrapolation, and Risk

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Author Info
 Lakonishok, Josef
Shleifer, Andrei
Vishny, Robert W

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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 fundamental value. While there is some agreement that value strategies produce higher returns, the interpretation of why they do so is more controversial. This article provides evidence that value strategies yield higher returns because these strategies exploit the suboptimal behavior of the typical investor and not because these strategies are fundamentally riskier. Copyright 1994 by American Finance Association.

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Publisher Info
Article provided by American Finance Association in its journal Journal of Finance.

Volume (Year): 49 (1994)
Issue (Month): 5 (December)
Pages: 1541-78
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Handle: RePEc:bla:jfinan:v:49:y:1994:i:5:p:1541-78

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This page was last updated on 2008-11-26.

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