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Media type:
E-Article
Title:
Do Cash Flows of Growth Stocks Really Grow Faster?
Contributor:
CHEN, HUAFENG (JASON)
Published:
Wiley Periodicals, Inc., 2017
Published in:
The Journal of Finance, 72 (2017) 5, Seite 2279-2330
Language:
English
ISSN:
0022-1082;
1540-6261
Origination:
Footnote:
Description:
<p>Contrary to conventional wisdom, growth stocks (i.e., low book-to-market stocks) do not have substantially higher future cash-flow growth rates than value stocks, in both rebalanced and buy-and-hold portfolios. Efficiency growth, survivorship and look-back biases, and the rebalancing effect help explain the results. These findings suggest that duration alone is unlikely to explain the value premium.</p>