Value vs. Glamour: A Global Phenomenon
67 Pages Posted: 10 Aug 2011
Date Written: December 1, 2010
In 1994, Josef Lakonishok, Andrei Shleifer, and Robert Vishny published a landmark study investigating the performance of value stocks relative to 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. The Brandes Institute subsequently updated their work and extended the scope of the initial study to include non-U.S. markets to determine if the value premium was consistent across global markets. Now updated through June 2010, the study includes both the glamour-driven markets of the late 1990s and early 2000s, as well as the more recent worldwide economic downturn.
Keywords: Brandes, Brandes Institute, value investing, value vs glamour, value vs growth, value premium
JEL Classification: G10, G11, G12, G14, G15
Suggested Citation: Suggested Citation