Stuck with Fundamentals? Testing Investment Strategies.

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2016 (EN)
Stuck with Fundamentals? Testing Investment Strategies. (EN)

Gymnopoulos, Panagiotis (EN)

School of Economics, Business Administration and Legal Studies, MSc in Banking and Finance (EL)
Archontakis, Fragiskos (EN)
Artikis, Panayiotis (EN)
Grose, Christos (EN)

This dissertation was written as part of the MSc in Banking & Finance at the International Hellenic University. During the last decades market participants and academics have wondered if Markets are Efficient and if indeed they are how Efficient are they? Can an investor profit from a market inefficiency or an anomaly? Does it persist over time? These questions rose the interest of the investors to create and develop miscellaneous investment strategies based upon different assumptions. This particular dissertation deals with three investment strategies, each one based on a single ratio the Price-to-Earnings, the Price-to-Book Value and the Price-to-Sales. The portfolios under every strategy are sorted with the aid of regression equations with dependent variable the ratios and independent variables their determinants. After forming the portfolios that consist of the most undervalued to the most overvalued we test the strategies. (EN)


Market Efficiency (EN)
Fundamentals (EN)

Διεθνές Πανεπιστήμιο της Ελλάδος (EL)
International Hellenic University (EN)



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