Constructing Portfolios According to Value Investment by Screening Indicators Proposed by Buffett and Graham
碩士 === 淡江大學 === 管理科學學系碩士班 === 100 === Not only the current global economy slow down but also the European debt problem is still unsettled, which result in the turmoil of Taiwan stock markets. Thus, investors might not be easy to screen stocks as investing shares in Taiwan. This study is to investiga...
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ndltd-TW-100TKU054570682015-10-13T21:27:35Z http://ndltd.ncl.edu.tw/handle/52456578935550037727 Constructing Portfolios According to Value Investment by Screening Indicators Proposed by Buffett and Graham 以價值型選股策略建構投資組合-以巴菲特和葛拉漢擇股指標為例 Hsin-Ying Li 李欣盈 碩士 淡江大學 管理科學學系碩士班 100 Not only the current global economy slow down but also the European debt problem is still unsettled, which result in the turmoil of Taiwan stock markets. Thus, investors might not be easy to screen stocks as investing shares in Taiwan. This study is to investigate whether market participants could select stock according to the screening rules suggested by two famous mentors, Buffett and Graham to avoid losses, and even make profits. By employing the stocks listed in the Taiwan stock markets, we disclose the following findings as shown below. First, the average returns are greater than zero for the share selected according to the rules proposed by Buffett and Graham, except for the year of 2008. Second, the short-term performance of the shares screened by Buffett rules is better than that of the stocks selected by Graham. Third, we disclose that asset turnover ratio positive affect the performance of these selected stocks, which would promote the ROE by better asset management. Besides, we also reveal that the holding ratio of directors and big ten shareholder would affect the subsequent performance of these screened stocks. Fourth, we find that the scales positively affect the bond fund performance, and we infer that the resource allocation for large-scale funds may be better than that of small-scale funds. The results reveal that investor could take the screening rule proposed by Buffett and Graham into account, especially for the rules suggested by Buffett, since the shares screened by the Buffett rule indeed have excellent performance. Thus, no wonder are Buffett called as the best investors in the world. Yen-Sen Ni 倪衍森 2012 學位論文 ; thesis 45 zh-TW |
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碩士 === 淡江大學 === 管理科學學系碩士班 === 100 === Not only the current global economy slow down but also the European debt problem is still unsettled, which result in the turmoil of Taiwan stock markets. Thus, investors might not be easy to screen stocks as investing shares in Taiwan. This study is to investigate whether market participants could select stock according to the screening rules suggested by two famous mentors, Buffett and Graham to avoid losses, and even make profits. By employing the stocks listed in the Taiwan stock markets, we disclose the following findings as shown below. First, the average returns are greater than zero for the share selected according to the rules proposed by Buffett and Graham, except for the year of 2008. Second, the short-term performance of the shares screened by Buffett rules is better than that of the stocks selected by Graham. Third, we disclose that asset turnover ratio positive affect the performance of these selected stocks, which would promote the ROE by better asset management. Besides, we also reveal that the holding ratio of directors and big ten shareholder would affect the subsequent performance of these screened stocks. Fourth, we find that the scales positively affect the bond fund performance, and we infer that the resource allocation for large-scale funds may be better than that of small-scale funds. The results reveal that investor could take the screening rule proposed by Buffett and Graham into account, especially for the rules suggested by Buffett, since the shares screened by the Buffett rule indeed have excellent performance. Thus, no wonder are Buffett called as the best investors in the world.
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author2 |
Yen-Sen Ni |
author_facet |
Yen-Sen Ni Hsin-Ying Li 李欣盈 |
author |
Hsin-Ying Li 李欣盈 |
spellingShingle |
Hsin-Ying Li 李欣盈 Constructing Portfolios According to Value Investment by Screening Indicators Proposed by Buffett and Graham |
author_sort |
Hsin-Ying Li |
title |
Constructing Portfolios According to Value Investment by Screening Indicators Proposed by Buffett and Graham |
title_short |
Constructing Portfolios According to Value Investment by Screening Indicators Proposed by Buffett and Graham |
title_full |
Constructing Portfolios According to Value Investment by Screening Indicators Proposed by Buffett and Graham |
title_fullStr |
Constructing Portfolios According to Value Investment by Screening Indicators Proposed by Buffett and Graham |
title_full_unstemmed |
Constructing Portfolios According to Value Investment by Screening Indicators Proposed by Buffett and Graham |
title_sort |
constructing portfolios according to value investment by screening indicators proposed by buffett and graham |
publishDate |
2012 |
url |
http://ndltd.ncl.edu.tw/handle/52456578935550037727 |
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