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1、本科毕业论文（设计）外文翻译DiscussionofValueInvesting:TheUseofHistoricalFinancialStatementInformationtoSeparateWinnersfromLosersNumerousacademicstudies(e.g.,FamaandFrench[1992],Lakonishok,Shleifer,andVishny[1994],amongothers)examinethestockreturnsofhighbook-to-marketfirms("value"stocks)relativetolowbook-to-marke
2、tfirms("glamour"stocks).Anempiricalregularityofthesedataisthatthereturnsofvaluestocksoverthelast30yearsaresignificantlygreaterthanthereturnsofglamourstocks.Thereasonforthisdifferencehasbeenthetopicofmuchdebate.FamaandFrench[1992]proposethatthebook-to-marketratiocapturesapricedelementofsystematicrisk
3、,andthattheobserveddifferencesinreturnsbetweenvalueandglamourstocksreflectafaircompensationforrisk.Lakonishok,Shleifer,andVishny[1994]advanceanalternativepossibilitythathighbook-to-marketfirms'stockpricesaretemporarilydepressedbecauseinvestorsover-reacttopriorpoorperformance,andmaintainexpectationsa
4、boutfutureperformancethatare"toopessimistic".Fama[1998],aswellsomeconferenceparticipants,raiseathirdpossibilitythattheobservedreturndifferentialduringthepast30yearsisatime-periodspecificregularitythathasbeenuncoveredbyresearchersbuthasnosystematicunderlyingexplanation.Piotroski[2000]furtherinvestiga
5、tesvaluestocksandexamineswhetherasimple,accounting-basedfundamentalanalysisstrategy,whenappliedtohistoricaldata,canfurtherenhancethereturnstoinvestinginhighbook-to-marketfirms.Hemotivatesthestudybynotingthat,whileahighbook-to-marketinvestmentstrategy,onaverage,yieldspositiveabnormalreturns,thepositi
6、vereturnsaregeneratedbyonly44%ofthesamplefirms.Assuch,valueinvestorsmusttoleratenormalorpoorreturnsfromalargefractionofthefirmsintheirportfolio.Althoughaskewedreturndistributionisnotuniquetohighbook-to-marketstocks,atradingstrategythatidentifieseventualstrongvaluestocksprovidesmoredescriptiveevidenc
7、eonthebook-to-marketpuzzle.Toshiftthedistributionofreturnsearnedbyavalueinvestor,thepaperdescribesatradingheuristicbasedonninefundamentalsignalsaboutthefinancialconditionofvaluefirms.Theninesignalsare
