Do Cash Flows of Growth Stocks Really Grow Faster?
研究发现，成长型股票（低账面市值比股票）的未来现金流增长率并不显著高于价值型股票，挑战了传统观念，并指出仅靠久期难以解释价值溢价。
ABSTRACT Contrary to conventional wisdom, growth stocks (i.e., low book‐to‐market stocks) do not have substantially higher future cash‐flow growth rates than value stocks, in both rebalanced and buy‐and‐hold portfolios. Efficiency growth, survivorship and look‐back biases, and the rebalancing effect help explain the results. These findings suggest that duration alone is unlikely to explain the value premium.