Unit:
Κατεύθυνση Διαχείρισης Κεφαλαίων και ΚινδύνωνLibrary of the Faculty of Economics and of the Faculty of Business Administration
Supervisors info:
Γεώργιος Δότσης, Επίκουρος Καθηγητής, Τμήμα Οικονομικών Επιστημών, ΕΚΠΑ
Original Title:
Value versus growth στο Χρηματιστήριο Αξιών Αθηνών
Translated title:
Value versus growth in Athens Stock Exchange
Summary:
Modern scientific research suggests that strategies that include lower-priced stocks relatively to its fundamentals, usually outperform their counterparty strategies with higher-priced stocks. While this topic has attracted enormous interest and many pages of bibliography about popular markets (USA, Japan, Germany), there is insufficient bibliography for the Greek stock market. 720 Greek stock portfolios were constructed and evaluated to investigate whether the international conclusions produced by academic research are valid and compatible with the Greek stock market. The study period covers 15 years, from 2004 to 2018. The study examines for each year the whole market and then divided into small and large capitalization to examine if there is a "size effect". It is revealed that the value premium exists and also from one point of view, size effect. In practice, this is a research that indicates in which stock-tanks should a prospective investor look for value premium in the Greek stock market.
Main subject category:
Social, Political and Economic sciences
Keywords:
Athens Stock market, investments, fundamental variables, portfolio, value premium, value stocks, growth stocks