Willkommen, schön sind Sie da!
Logo Ex Libris

Influence of Sales Consistency on Investor's Perception of Future Grow

  • Kartonierter Einband
  • 72 Seiten
(0) Erste Bewertung abgeben
Bewertungen
(0)
(0)
(0)
(0)
(0)
Alle Bewertungen ansehen
This thesis examines the influence of representativeness bias on the perception of future growth potential within the technology s... Weiterlesen
20%
54.90 CHF 43.90
Auslieferung erfolgt in der Regel innert 2 bis 4 Werktagen.
Bestellung & Lieferung in eine Filiale möglich

Beschreibung

This thesis examines the influence of representativeness bias on the perception of future growth potential within the technology sector. Taking a sample of all US technology stocks, I found evidence that the representativeness bias is of higher magnitude within the tech sector compared to the overall market. Namely, tech stocks which are characterized by consistent sales growth that is incongruent with underlying fundamentals exhibit higher price reversals. Furthermore, I provide evidence that the Z-Score is a better fundamental differentiator than the F-Score for tech stocks to measure the magnitude of representativeness bias. Next, I found that tech stocks within the highest price-to-sales quantile, on average, outperform stocks in the lowest quantile on a market cap- and equally-weighted basis, suggesting that a simple value investing strategy based on price-to-sales ratio does not yield superior returns. Last but not least, I provide evidence that stocks that have extremely high price-to-sales ratios underperform the overall sector on a three to five year's horizon, but the fundamental ratio has no prediction power over a 1 year horizon.

Autorentext

Mathieu Dylan Racheter, Jahrgang 1994, hat einen Masterabschluss an der Universität St. Gallen im Bereich Finanz- und Bankwesen absolviert und arbeitet zurzeit als Aktienstratege bei der Schweizer Bank Julius Bär.

Produktinformationen

Titel: Influence of Sales Consistency on Investor's Perception of Future Grow
Untertitel: Evidence from the Information Technology Sector
Autor:
EAN: 9786202220392
ISBN: 978-620-2-22039-2
Format: Kartonierter Einband
Herausgeber: AV Akademikerverlag
Genre: Sonstiges
Anzahl Seiten: 72
Gewicht: 125g
Größe: H221mm x B149mm x T10mm
Jahr: 2019