Value vs. Glamour: A Global Phenomenon
Brandes Investment Partners
October 15, 2008
Brandes Institute Research Paper No. 2008-06
In 1994, Josef Lakonishok, Andrei Shleifer, and Robert Vishny published a landmark study investigating the performance of value stocks relative to that of glamour securities in the United States over a 26-year period. Their research concluded that value stocks tended to outperform glamour stocks by wide margins. However, their study did not include the glamour-driven markets of the late 1990s and early 2000s. What effect might this period have on their conclusions? To find out, the Brandes Institute updated their Value vs. Glamour research, now through June 2008, to examine the comparative performance over a 40-year period. In addition, we also extended the scope of the initial study to include non-U.S. markets, seeking to determine if the value premium has been evident worldwide.
Number of Pages in PDF File: 65
Keywords: Brandes, Brandes Institute, value, value investing, value vs. glamour, LSV
JEL Classification: G15
Date posted: November 23, 2008
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