问题如下:
An investor has found that value stocks have better performance than growth stocks. She wishes to exploit the value effect, so which stock should be purchased?
选项:
A. The stock of companies with higher than average dividend yields.
B. The stock of companies with higher than average market-to-book ratios.
C. The stock of companies with higher than average price-to-earnings ratios.
解释:
A is correct.
A value stock has below characteristics: above-average dividend yield, low price-to-earnings and low market-to-book ratios, and a growth stock has the opposite characteristics.
考点:Tests, Implications And Conclusions Of EMH
这道题就是说长期实证研究表明,价值型股票在长期是outerform增长型股票的。那么如果投资者想利用这个发现来赚钱就需要购买价值型的股票。
而价值型的股票说明企业赚的钱都拿来分红了,基本上都是大的成熟的企业(增长机会较少),因此相比growth stocks,它的PE\PB较小,而分红比率较高。
若没理解错,P/E意味者每投入1元所得到的该股票的市场价值对价;P/B意味着每1元所对应的净资产账面价值。那么,如何对比出成长型与价值型关于两者的高低?麻烦请用具体数字举例