Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/81583
PIRA download icon_1.1View/Download Full Text
Title: Quality investing in Asian stock markets
Authors: Ng, CCA 
Shen, J 
Issue Date: Sep-2020
Source: Accounting and finance, Sept. 2020, v. 60, no. 3, p. 3033-3064
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.
Keywords: FSCORE
Gross profitability
Institutional demand
Quality investing
Stock return
Publisher: Wiley-Blackwell
Journal: Accounting and finance 
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. (2020). Quality investing in Asian stock markets. Accounting & Finance, 60(3), 3033-3064, which has been published in final form at https://dx.doi.org/10.1111/acfi.12446. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions.
Appears in Collections:Journal/Magazine Article

Files in This Item:
File Description SizeFormat 
Quality_investing_in_Asia_stock_market_preprint.pdfPreprint Version1.08 MBAdobe PDFView/Open
Open Access Information
Status open access
File Version Author’s Original
Access
View full-text via PolyU eLinks SFX Query
Show full item record

Page views

173
Last Week
1
Last month
Citations as of Mar 24, 2024

Downloads

477
Citations as of Mar 24, 2024

SCOPUSTM   
Citations

7
Citations as of Mar 28, 2024

WEB OF SCIENCETM
Citations

5
Citations as of Mar 28, 2024

Google ScholarTM

Check

Altmetric


Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.