Browsing by Author "Li, Bo"
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- ItemThe performance of value stocks and growth stocks : Hong Kong stock market, 1981-2005(Stellenbosch : Stellenbosch University, 2006-04) Li, Bo; Krige, Niel; Stellenbosch University. Faculty of Economic and Management Sciences. Dept. of Business Management.ENGLISH SUMMARY : This paper investigates whether value stocks outperformed growth stocks in the case of the Hong Kong market over the period 1981 to 2005. The firm size effect on this value and growth study was also taken into account. Both whole sample period and sub sample period returns are studied. The difference between value weighted and equally weighted portfolio returns is considered. Finally, the underlying reason why value stocks have a higher return than growth stocks is tested. Value stocks outperformed growth stocks in most of the years during 1981 to 2005. The paired t-test shows that the mean return spreads between value stocks and growth stocks are greater than zero by a statistically significant margin. The results of two sub sample periods show a consistent value premium. After controlling the firm size effect, value stocks continued to outperform growth stocks within the same firm size groups. The results of value weighted and equally weighted portfolio returns show that the difference in return between value stocks and growth stocks increases when the equally weighted portfolio returns are calculated. Value stocks seem to be fundamentally riskier than growth stocks if standard deviation is used as risk measure. This is confirmed by the special t-test when it is applied to the standard deviation of value and growth portfolios on the basis of value weighted returns. However, it was found that value stocks were not riskier than growth stocks by a statistically significant margin on the basis of equally weighted returns. Although a value investment strategy could generate higher returns compared with a growth investment strategy, the high transaction costs involved in regularly rebalancing the portfolio needs to be taken into account.
- ItemThe world needs BRICS countries to build capacity in invasion science(Public Library of Science, 2019-09-19) Measey, John; Visser, Vernon; Dgebuadze, Yury; Inderjit; Li, Bo; Dechoum, Michele; Ziller, Silvia R.; Richardson, David M.Developed countries are producing policies to reduce the flow of invasive species and control or eradicate existing invasions, but most developing countries are under-resourced to tackle either aspect without help. Emerging economies, such as Brazil, Russia, India, China, and South Africa (BRICS), are responsible for donating many of the world’s invasive species that have the potential to reach nearly all terrestrial biomes. Implementing a proactive ‘facilitated network’ model is urgently required to build capacity and stimulate effective appropriate invasion science. We contend that creating a BRICS network of invasion scientists will have the immediate impact required to meet future policy demands.