Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers

By Joseph D. Piotroski. 2000

1,167 citations recorded by the source corpus.

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Citations in the corpus

Digesting Anomalies: An Investment Approach (2015, background): “…(2008); Xing (2008); and Polk and Sapienza (2009) for the investment effect, and Ball and Brown (1968); Bernard and Thomas (1990); Chan, Jegadeesh, and Lakonishok (1996); Haugen and Baker (1996); Piotroski (2000); Fama and French (2006); and Novy-Marx (2013) for the earnings (profitability) effect.”
A Taxonomy of Anomalies and Their Trading Costs (2014, neutral): “• Piotroski’s F-score - based on Piotroski (2000).”
A Comparison of New Factor Models (2017, neutral): “Panel A: Momentum (57) Sue1 Earnings surprise (1-month holding period), Sue6 Earnings surprise (6-month holding period), Foster, Olsen, and Shevlin (1984) Foster, Olsen, and Shevlin (1984) Sue12 Earnings surprise Abr1 Cumulative abnormal stock returns (12-month holding period), around earnings annou”
Identifying Expectation Errors in Value/Glamour Strategies: A Fundamental Analysis Approach (2012, positive): “Piotroski(2000) views an increase (decrease) in financial leverage as a negative (positive) signal; by raising external capital, the firm may be signaling its inability to generate sufficient internal funds (e.g., Miller and Rock 1985).”
Accounting Anomalies and Fundamental Analysis: A Review of Recent Research Advances (2010, background): “accruals, or a broader measure of accruals similar to that in Richardson et al. (2005). The independent variables are the standard Fama and French (1992) factors (SMB, HML and MKT) as well as a mimicking factor portfolio return that is long (short)”
Quality minus junk (2018, positive): “Naturally, value investing is improved by QARP, consistent with the finding in the accounting literature that information from financial statements can improve value investing (e.g., Frankel and Lee (1998) and Piotroski (2000)).”
The usefulness of accounting estimates for predicting cash flows and earnings (2010, neutral): “Stober (1992), Abarbanell and Bushee (1998), and Piotroski (2000) .”
Value and Momentum Everywhere: Value and Momentum Everywhere (2013, positive): “…While research has shown that other value measures are more powerful for predicting stock returns (e.g., Lakonishok, Shleifer, and Vishny (1994), Asness, Porter, and Stevens (2000), Piotroski (2000)), we maintain a basic and simple approach that is somewhat consistent across asset classes.”
A Review of the Value Relevance Literature (2009, background): “This is also the case when earnings are replaced 10 Piotroski’s [38] study suggests that it is possible to earn abnormal returns based on a simple strategy of investing in financially strong high book-tomarket firms.”
Generalized DEA model of fundamental analysis and its application to portfolio optimization (2007, background): “FA may also include analyzing market behavior that stresses the study of underlying factors of supply and demand, see Doyle et al. (2003) and Piotroski (2000).”
The New Issues Puzzle: Testing the Investment-Based Explanation (2008, neutral): “More-profitable firms earn higher average returns than less-profitable firms (e.g., Piotroski, 2000; and ).”
Does Investor Misvaluation Drive the Takeover Market (2003, positive): “the dates of subsequent earnings or pre-earnings announcements (La Porta, Lakonishok, Shleifer, and Vishny (1997), Piotroski (2001), and Skinner and Sloan (2002)).”