Continued from Pt.1….Value investing: The academic research [Pt. 1]
[klarman]
Value Investing - Study two: Risky Value
The second study discussed in UBS’s research on value is "Risky Value" by Atif Ellahie, Michael Katz & Scott Richardson. As already highlighted in the previous paper, there is a lack of a broad consensus as to whether the value premium constitutes compensation for bearing some type of systematic risk, or the outcome of behaviorally-driven mispricing.
Atif Ellahie, Michael Katz, and Scott Richardson attempt to provide further support to a risk-based story by exploring value investing across 30 countries. The authors start their analysis by...
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