The Economics of Security Analysis
用投资资本资产定价模型为格雷厄姆和多德的证券分析提供了均衡理论基础，并展示了q5模型如何解释多种经典投资策略及巴菲特等主动基金的优异表现。
The investment capital asset pricing model, in which expected returns vary cross-sectionally with investment, profitability, and expected growth, provides an equilibrium foundation for Graham and Dodd’s security analysis. The q 5 model is a good start to explaining prominent security analysis strategies, such as Abarbanell and Bushee’s fundamental signals, Frankel and Lee’s intrinsic to market, Greenblatt’s “magic formula,” Asness et al.’s quality minus junk, Bartram and Grinblatt’s agnostic analysis, operating cash flow to market, and Penman and Zhu’s expected-return strategy as well as best performing active discretionary funds, such as Buffett’s Berkshire Hathaway. This paper was accepted by Lukas Schmid, finance. Supplemental Material: The internet appendix and data are available at https://doi.org/10.1287/mnsc.2022.4640 .