Modified quality, short‐term reversal, and value investing
提出两种创新投资策略：修正质量投资和修正廉价投资，它们利用市场验证的质量信号和短期反转与价值信号，显著优于传统策略，但交易成本会大幅缩小收益差距。
Abstract We introduce two innovative investment strategies: modified quality () and modified cheapness () investing. Both strategies significantly outperform traditional quality, short‐term reversal, and value investing approaches. The strategy identifies market‐validated quality, while exploits short‐term reversals and value signals, filtering out undervalued but fundamentally weak firms. Superior performance stems from blending fundamental information with market perceptions, incorporating industry effects, and market‐timing dynamics. Transaction cost analysis reveals that realistic costs substantially narrow return spreads, underscoring the importance of effective cost management.