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1、本科毕业论文（设计）外文翻译原文SeparatingWinnersfromLosersamongLowBook-to・MarketStocksusingFinancialStatementAnalysisThispapertestswhetherastrategybasedonfinancialstatementanalysisoflowbook-to-market(growth)stocksissuccessfulindifferentiatingbetweenwinnersandlosersint
2、ermsoffuturestockperformance.Icreateanindex(G_SCORE)basedonacombinationoftraditionalfundamentalssuchasearningsandcashflowsandmeasuresappropriateforgrowthfirmssuchasthestabilityofearningsandgrowthandtheintensityofR&D,capitalexpenditureandadvertising.Astr
3、ategybasedonbuyinghighG_SCOREfirmsandshortinglowG_SCOREfirmsconsistentlyearnssignificantexcessreturns.Theresultsarerobustacrosspartitionsbasedonsize,stockprice,analystfollowing,exchangelistingandpriorperformanceandarenotaffectedbytheinclusionoromissiono
4、fIPOfirms.Theexcessreturnspersistaftercontrollingforwelldocumentedriskandanomalyfactorssuchasmomentum,book-to-market,accrualsandsize.Thestockmarketingeneralandanalystsinparticulararemuchmorelikelytobepositivelysurprisedbyfirmswhosegrowthorientedfundamen
5、talsarestrong,indicatingthatthestockmarketfailstograspthefutureimplicationsofcurrentfundamentals.Further,theresultsdonotsupportariskbasedexplanationforthebook-to-marketeffectasthestrategyreturnspositivereturnsinallyears,andfirmsthatex-anteappearlessrisk
6、yhavebetterfuturereturns.Toconclude,onecanuseamodifiedfundamentalanalysisstrategytoidentifymispricingandearnsubstantialabnormalreturns.Thispaperexamineswhetherapplyingfinancialstatementanalysiscanhelpinvestorsearnexcessreturnsonabroadsampleofgrowth,orlo
7、wbook-to-market(BM)firms.TheBMeffectiswelldocumentedinresearchinfinance.Onaverage,firmswithlowBMearnsignificantnegativeexcessreturns,whilefirmswithhighBMearnsignificantpositiveexcessreturns.LowBMfirms,alsoreferredtoasgrowthorglamourstocks,haveexperience
8、dverystrongstockperformanceinpriorperiods,whilehighBMfirms,alsoreferredtoasvaluestocks,havetypicallyunderperformedinpriorperiods.Thereisconsiderabledisagreementamongstresearchersastothecauseofthebook-to-marketeffect.FamaandFrench
