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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"s
2、tocks)relativetolowbook-to-marketfirms("glamour"stocks).Anempiricalregularityofthesedataisthatthereturnsofvaluestocksoverthelast30yearsaresignificantlygreaterthanthereturnsofglamourstocks.Thereasonforthisdifferencehasbeenthetopicofmuchdebate.FamaandFrench[1992]propose
3、thatthebook-to-marketratiocapturesapricedelementofsystematicrisk,andthattheobserveddifferencesinreturnsbetweenvalueandglamourstocksreflectafaircompensationforrisk.Lakonishok,Shleifer,andVishny[1994]advanceanalternativepossibilitythathighbook-to-marketfirms'stockprices
4、aretemporarilydepressedbecauseinvestorsover-reacttopriorpoorperformance,andmaintainexpectationsaboutfutureperformancethatare"toopessimistic".Fama[1998],aswellsomeconferenceparticipants,raiseathirdpossibilitythattheobservedreturndifferentialduringthepast30yearsisatime-
5、periodspecificregularitythathasbeenuncoveredbyresearchersbuthasnosystematicunderlyingexplanation.Piotroski[2000]furtherinvestigatesvaluestocksandexamineswhetherasimple,accounting-basedfundamentalanalysisstrategy,whenappliedtohistoricaldata,canfurtherenhancethereturnst
6、oinvestinginhighbook-to-marketfirms.Hemotivatesthestudybynotingthat,whileahighbook-to-marketinvestmentstrategy,onaverage,yieldspositiveabnormalreturns,thepositivereturnsaregeneratedbyonly44%ofthesamplefirms.Assuch,valueinvestorsmusttoleratenormalorpoorreturnsfromalarg
7、efractionofthefirmsintheirportfolio.Althoughaskewedreturndistributionisnotuniquetohighbook-to-marketstocks,atradingstrategythatidentifieseventualstrongvaluestocksprovidesmoredescriptiveevidenceonthebook-to-marketpuzzle.Toshiftthedistributionofreturnsearnedbyavalueinve
8、stor,thepaperdescribesatradingheuristicbasedonninefundamentalsignalsaboutthefinancialconditionofvaluefirms.Theninesignalsare
