Choosing between value and growth in mutual fund investing

Glenn N. Pettengill, George Chang, James Hueng
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引用次数: 4

Abstract

This article informs investors on the choice between value and growth mutual funds. The well- established value premium demonstrates that, on average, value securities outperform growth secu- rities, suggesting that an investor may be wise to choose value funds. Extant studies, however, suggest that growth funds outperform value funds. We show that value funds indeed outperform growth funds especially in terms of lower realized risk and higher realized terminal wealth, leading us to recom- mend value funds over growth funds. We argue that previous findings result from a bias against value in some multifactor models.
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共同基金投资在价值与成长之间的选择
本文向投资者介绍价值型和成长型共同基金之间的选择。公认的价值溢价表明,平均而言,价值证券的表现优于成长型证券,这表明投资者选择价值基金可能是明智的。然而,现有的研究表明,成长型基金的表现优于价值型基金。我们发现,价值型基金的表现确实优于成长型基金,尤其是在实现风险较低和实现终端财富较高方面,因此我们推荐价值型基金优于成长型基金。我们认为,以前的发现是由于一些多因素模型对价值的偏见。
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