Value vs. Glamour: A Global Phenomenon

65 Pages Posted: 23 Nov 2008

Multiple version iconThere are 3 versions of this paper

Date Written: October 15, 2008


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.

Keywords: Brandes, Brandes Institute, value, value investing, value vs. glamour, LSV

JEL Classification: G15

Suggested Citation

Institute, Brandes, Value vs. Glamour: A Global Phenomenon (October 15, 2008). Brandes Institute Research Paper No. 2008-06, Available at SSRN: or

Brandes Institute (Contact Author)

Brandes Investment Partners ( email )

11988 El Camino Real, Suite 500
P.O. Box 919048
San Diego, CA 92191-9048
United States

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