A great company can be a great investment

被引：47

作者：

Anderson, Jeff ^{[1
]}

Smith, Gary

机构：

[1] Mellon Financial Corp, Glendale, CA USA

[2] Pomona Coll, Claremont, CA 91711 USA

来源：

FINANCIAL ANALYSTS JOURNAL | 2006年 / 62卷 / 04期

关键词：

D O I：

10.2469/faj.v62.n4.4189

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

A classic investment mistake is to confuse a great company with a great investment. It is a mistake because a company's well-known virtues are presumably already factored into the price of the company's stock. This study tested this "mistake" by looking at the stock performance of the companies identified each year by Fortune magazine as the most admired companies in the United States for 1983 through 2004. Surprisingly, a portfolio of these stocks outperformed the market by a substantial and statistically significant margin, which contradicts the efficient market hypothesis.

引用

页码：86 / 93

页数：8

共 21 条

[1]

[Anonymous], 1958, COMMON STOCKS UNCOMM

[2] THE RELATIONSHIP BETWEEN RETURN AND MARKET VALUE OF COMMON-STOCKS [J].