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Title: Quality investing in Asian stock markets
Authors: Ng, CCA 
Shen, J 
Keywords: FSCORE
Gross profitability
Institutional demand
Quality investing
Stock return
Issue Date: 2019
Publisher: Wiley-Blackwell
Source: Accounting and finance, 2019, How to cite?
Journal: Accounting and finance 
Abstract: We examine two quality investing strategies using gross profitability (GP) or FSCORE, respectively, over the period of 2000–2016 in Hong Kong, Japan, Korea, Singapore and Taiwan stock markets. We find that the high‐quality stocks generally earn positive returns in these markets. Both FSCORE and GP are significantly positively associated with subsequent stock returns in the cross‐sectional regressions. We also find that financial institutions as sophisticated investor concern about stock quality. The actively managed institutions buy significantly more high‐quality stocks than low‐quality stocks in each of five Asian markets. The trading pattern is not significant in passively managed institutions.
ISSN: 0810-5391
EISSN: 1467-629X
DOI: 10.1111/acfi.12446
Rights: © 2019 Accounting and Finance Association of Australia and New Zealand
This is the pre-peer reviewed version of the following article: Ng, C. C. A., & Shen, J. (2019). Quality investing in Asian stock markets. Accounting & Finance, 1-32, which has been published in final form at This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions.
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