The Sophisticated and the Simple: The Profitability of Contrarian Strategies from a Portfolio Manager's Perspective
研究了简单与复杂的估值模型对股票投资组合经理的实际效果，发现复杂模型在多数方面优于简单模型，可作为估值和组合管理的重要补充视角。
Abstract Valuation signals have been among the most popular between equity portfolio managers. Given the large variation of techniques and theories with regard to how value is measured, this study investigates the efficacy of alternative value measures. We consider a cross section of simple and sophisticated alternative measures and focus on comparison metrics of primary interest to equity portfolio managers. Our results show that sophisticated valuation models are superior – although not universally – relative to simple valuation models in many respects. Thus, we conclude that sophisticated models have interesting attributes and, in general, should be considered as an additional if not primary perspective on equity valuation and portfolio management.