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The price-to-book effect on the JSE : valuation disparities and subsequent performance

dc.contributor.authorDu Toit, S. G.en_ZA
dc.contributor.authorKrige, J. D.en_ZA
dc.date.accessioned2018-09-17T12:21:16Z
dc.date.available2018-09-17T12:21:16Z
dc.date.issued2014
dc.identifier.citationDu Toit, S. G. & Krige, J. D. 2014. The price-to-book effect on the JSE : valuation disparities and subsequent performance. South African Journal of Business Management, 45(4): a143, doi:10.4102/sajbm.v45i4.143.
dc.identifier.issn2078-5976 (online)
dc.identifier.issn2078-5585 (print)
dc.identifier.otherdoi:10.4102/sajbm.v45i4.143
dc.identifier.urihttp://hdl.handle.net/10019.1/104442
dc.descriptionCITATION: Du Toit, S. G. & Krige, J. D. 2014. The price-to-book effect on the JSE : valuation disparities and subsequent performance. South African Journal of Business Management, 45(4): a143, doi:10.4102/sajbm.v45i4.143.
dc.descriptionThe original publication is available at https://sajbm.org
dc.description.abstractThe purpose of this study was to determine whether the relative out- or underperformance of a value portfolio versus a growth portfolio can be anticipated in advance by comparing a valuation difference multiple with the subsequent fiveyear relative performance of the value and growth portfolios. The valuation difference multiple was calculated as the median price-to-book value (P/B) ratio of the growth portfolio divided by the median P/B ratio of the value portfolio. Using monthly data for the period 1991 to 2011, this study found that in most instances the higher the valuation difference multiple, the higher the outperformance of the value portfolio over the subsequent five-year period, as compared to the growth portfolio.en_ZA
dc.description.urihttps://sajbm.org/index.php/sajbm/article/view/143
dc.format.extent7 pages
dc.language.isoen_ZAen_ZA
dc.publisherAOSIS
dc.subjectJohannesburg Stock Exchangeen_ZA
dc.titleThe price-to-book effect on the JSE : valuation disparities and subsequent performanceen_ZA
dc.typeArticleen_ZA
dc.description.versionPublisher's version
dc.rights.holderAuthors retain copyright


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