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• W21000615 abstract "Introduction The traditional metric for measuring the richness of equity valuation since Graham and Dodd has been the price-to-earnings ratio (PE). (1) By definition, stocks with low PE ratios have earnings per share (EPS) trading at a discount compared with competing equities in the financial market. Discounted-cash-flow models suggest that firms with higher growth prospects and lower required rates of return should have their equity trade at larger multiples of earnings relative to equities with contrary characteristics. Thus, a comparison of PE ratios with various benchmarks has become a favorite tool for investors who desire a value-style of investing. In an attempt to modify the PE to account for the first of these factors, investors have standardized the PE ratio by the firm's growth rate, giving rise to a compound metric known as the PEG ratio. This ratio is now commonly reported alongside the PE and other relevant firm characteristics on many web-based financial news services. The PEG ratio is considered the premier metric for the investment style popularly known as growth at a reasonable price (GARP). Growth-based valuation has a distinguished history in the academic literature. Clendenin and van Cleave (1954) open their article: For almost a generation the identification and appraisal of 'growth' stocks has been a topic of absorbing interest to investors. An almost unlimited volume of literature has discussed the features of growth industries and growth stocks and the advantages to be found in them. Holt (1962) and Malkiel (1963) provide further foundation for valuation and impetus for research into theory and empirics of stock valuation. Based on dividend capitalization, Holt presents a model for determining the appropriate relative PE ratio for a growth stock as compared to other stocks, whereas Malkiel presents an independent approach for valuing a growth stock relative to a non-growth stock. An examination as well a synthesis is presented by Robichek and Bogue (1971). Research in stock valuation for explaining market anomalies received a boost from the research of Banz (1981), Reinganum (1981), and numerous others. A series of papers by Fama and French (1992, 1993, 1995, 1996, 1998) starting with an examination of cross-section of returns and cuhninating with an examination of returns on value versus glamour stocks has led to a resurgence of this literature. This research (2) posits that multiple relative characteristics of stocks (value versus glamour) can explain a large proportion of the variability in asset returns. This growing research has brought in sharper focus the viewpoint of investment professionals that investment strategies based on stocks with low prices relative to dividends, earnings, book value, or other measures of value produce higher returns. These value-based investment strategies have been extensively studied in the academic literature. One such series of studies [Fama and French (1992, 1993, 1996), Lakonishok, Shleifer, and Vishny (1994), Chan, Jegadeesh, and Lakonishok (1995), La Porta, kakonishok, Shleifer, and Vishny (1997), Kothari and Shanken (1997), Arshanapalli, Coggin, and Doukas (1998), Pontiff and Schall (1998), Doukas, Kim, and Pantzalis (2002) and Zhang (2005)] has focused upon explanations for the premium earned by high book-to-market value stocks relative to glamour stocks. The interpretation of, and explanations for, why value-strategies outperform growth-strategies remain unsettled. In a popular corporate finance textbook, Grinblatt and Titman (2001, p. 392) assert: Growth opportunities are usually the source of high betas ... because growth options tend to be most valuable in good times and have implicit leverage, which tends to increase beta, they contain a great deal of systematic risk. Gomes, Kogan, and Zhang (2003) demonstrate that growth options are always riskier than existing assets because these options are leveraged on the existing assets. …" @default.
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• W21000615 title "PEG Investing Strategy: A Revisit" @default.
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