Noma, Mikiharu - In: Hitotsubashi Journal of commerce and management 44 (2010) 1, pp. 29-46
This study investigates whether a simple accounting-based fundamental analysis can outperform the market. In this study, I use a fundamental signal (F_SCORE) to discriminate between eventual winners and losers. F_SCORE is based on a combination of traditional fundamentals such as ROA, cash flow...