Selection strategy of firms: an analysis of multiple price / earnings and margin of safety for the Brazilian stock market.
Autor(a) principal: | |
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Data de Publicação: | 2009 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Biblioteca Digital de Teses e Dissertações da UFC |
Texto Completo: | http://www.teses.ufc.br/tde_busca/arquivo.php?codArquivo=4690 |
Resumo: | Aswath Damodaran, in his book âInvestment Fablesâ, brings stories of investments sales that, at first sight, might seem attractive, however, when examined closely, looses its credibility. Considering the idea that a philosophy of investment based on consistent strategies and tactics is indispensable during the building of a portfolio, this study verifies if it is possible to overcome the major national market index â IBOVESPA -, at a long term, through investment strategies based on low price-earnings ratio and on the margin of safety. The reason for adopting both strategies on this study is the fact that the one based on low price-earnings ratio is restricted by not considering the growth potential and the risk of the selected companies. In fact, another portfolio has been constructed by adopting Benjamin GrahamÂs strategy, the margin of safety, which is capable of filtering stocks with low growth and high risk, unwanted characteristics when building a portfolio. This study suggests that it is possible to obtain a superior performance than the main national benchmark â IBOVESPA -, especially when strategies based on the margin of safety are used. The strategy based solely on the priceearnings ratio has also presented superior results than IBOVESPA, however less significant. |
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info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisSelection strategy of firms: an analysis of multiple price / earnings and margin of safety for the Brazilian stock market.EstratÃgia de seleÃÃo de empresas: uma anÃlise do mÃltiplo preÃo/lucro e da margem de seguranÃa para o mercado acionÃrio brasileiro.2009-07-06Paulo de Melo Jorge Neto35625660344http://lattes.cnpq.br/7568927888412924Paulo RogÃrio Faustino Matos00000000084http://lattes.cnpq.br/0288522400109962Everton Chaves Correia2101081130400070000058Sara AlcÃntara RodriguesUniversidade Federal do CearÃPrograma de PÃs-GraduaÃÃo em Economia - CAENUFCBRCIENCIAS SOCIAIS APLICADASAswath Damodaran, in his book âInvestment Fablesâ, brings stories of investments sales that, at first sight, might seem attractive, however, when examined closely, looses its credibility. Considering the idea that a philosophy of investment based on consistent strategies and tactics is indispensable during the building of a portfolio, this study verifies if it is possible to overcome the major national market index â IBOVESPA -, at a long term, through investment strategies based on low price-earnings ratio and on the margin of safety. The reason for adopting both strategies on this study is the fact that the one based on low price-earnings ratio is restricted by not considering the growth potential and the risk of the selected companies. In fact, another portfolio has been constructed by adopting Benjamin GrahamÂs strategy, the margin of safety, which is capable of filtering stocks with low growth and high risk, unwanted characteristics when building a portfolio. This study suggests that it is possible to obtain a superior performance than the main national benchmark â IBOVESPA -, especially when strategies based on the margin of safety are used. The strategy based solely on the priceearnings ratio has also presented superior results than IBOVESPA, however less significant.Aswath Damodaran, em seu livro âMitos de Investimentosâ, fala sobre histÃrias de vendas de investimentos cujas estratÃgias parecem atraentes em um primeiro momento, mas, ao passar por um exame mais detalhado, perdem sua credibilidade. A partir da constataÃÃo de que uma filosofia de investimento desenvolvida atravÃs de estratÃgias e tÃticas consistentes à indispensÃvel no momento da montagem de uma carteira, o trabalho verifica se à possÃvel superar o principal Ãndice acionÃrio brasileiro (Ibovespa), no longo prazo, utilizando estratÃgias de investimento baseadas em baixos mÃltiplos PreÃo/Lucro e na margem de seguranÃa. A razÃo de incluir no estudo essas duas estratÃgias à o fato de a de baixos mÃltiplos P/L sofrer restriÃÃes por nÃo levar em consideraÃÃo o potencial de crescimento e o risco das empresas selecionadas. Com efeito, foi montado outro portfÃlio baseado na estratÃgia criada por Benjamin Graham, a chamada âMargem de SeguranÃaâ, capaz de filtrar aÃÃes de baixo crescimento e alto risco, caracterÃsticas indesejadas no momento da montagem de uma carteira. A conclusÃo do trabalho sugere que à possÃvel obter um desempenho superior ao principal benchmark nacional, o Ibovespa, principalmente utilizando estratÃgias baseadas na margem de seguranÃa. A estratÃgia baseada somente no mÃltiplo P/L tambÃm apresentou resultados superiores ao Ibovespa, embora menos significantes.nÃo hÃhttp://www.teses.ufc.br/tde_busca/arquivo.php?codArquivo=4690application/pdfinfo:eu-repo/semantics/openAccessporreponame:Biblioteca Digital de Teses e Dissertações da UFCinstname:Universidade Federal do Cearáinstacron:UFC2019-01-21T11:17:42Zmail@mail.com - |
dc.title.en.fl_str_mv |
Selection strategy of firms: an analysis of multiple price / earnings and margin of safety for the Brazilian stock market. |
dc.title.alternative.pt.fl_str_mv |
EstratÃgia de seleÃÃo de empresas: uma anÃlise do mÃltiplo preÃo/lucro e da margem de seguranÃa para o mercado acionÃrio brasileiro. |
title |
Selection strategy of firms: an analysis of multiple price / earnings and margin of safety for the Brazilian stock market. |
spellingShingle |
Selection strategy of firms: an analysis of multiple price / earnings and margin of safety for the Brazilian stock market. Sara AlcÃntara Rodrigues CIENCIAS SOCIAIS APLICADAS |
title_short |
Selection strategy of firms: an analysis of multiple price / earnings and margin of safety for the Brazilian stock market. |
title_full |
Selection strategy of firms: an analysis of multiple price / earnings and margin of safety for the Brazilian stock market. |
title_fullStr |
Selection strategy of firms: an analysis of multiple price / earnings and margin of safety for the Brazilian stock market. |
title_full_unstemmed |
Selection strategy of firms: an analysis of multiple price / earnings and margin of safety for the Brazilian stock market. |
title_sort |
Selection strategy of firms: an analysis of multiple price / earnings and margin of safety for the Brazilian stock market. |
author |
Sara AlcÃntara Rodrigues |
author_facet |
Sara AlcÃntara Rodrigues |
author_role |
author |
dc.contributor.advisor1.fl_str_mv |
Paulo de Melo Jorge Neto |
dc.contributor.advisor1ID.fl_str_mv |
35625660344 |
dc.contributor.advisor1Lattes.fl_str_mv |
http://lattes.cnpq.br/7568927888412924 |
dc.contributor.referee1.fl_str_mv |
Paulo RogÃrio Faustino Matos |
dc.contributor.referee1ID.fl_str_mv |
00000000084 |
dc.contributor.referee1Lattes.fl_str_mv |
http://lattes.cnpq.br/0288522400109962 |
dc.contributor.referee2.fl_str_mv |
Everton Chaves Correia |
dc.contributor.referee2ID.fl_str_mv |
21010811304 |
dc.contributor.authorID.fl_str_mv |
00070000058 |
dc.contributor.author.fl_str_mv |
Sara AlcÃntara Rodrigues |
contributor_str_mv |
Paulo de Melo Jorge Neto Paulo RogÃrio Faustino Matos Everton Chaves Correia |
dc.subject.cnpq.fl_str_mv |
CIENCIAS SOCIAIS APLICADAS |
topic |
CIENCIAS SOCIAIS APLICADAS |
dc.description.sponsorship.fl_txt_mv |
nÃo hà |
dc.description.abstract.por.fl_txt_mv |
Aswath Damodaran, in his book âInvestment Fablesâ, brings stories of investments sales that, at first sight, might seem attractive, however, when examined closely, looses its credibility. Considering the idea that a philosophy of investment based on consistent strategies and tactics is indispensable during the building of a portfolio, this study verifies if it is possible to overcome the major national market index â IBOVESPA -, at a long term, through investment strategies based on low price-earnings ratio and on the margin of safety. The reason for adopting both strategies on this study is the fact that the one based on low price-earnings ratio is restricted by not considering the growth potential and the risk of the selected companies. In fact, another portfolio has been constructed by adopting Benjamin GrahamÂs strategy, the margin of safety, which is capable of filtering stocks with low growth and high risk, unwanted characteristics when building a portfolio. This study suggests that it is possible to obtain a superior performance than the main national benchmark â IBOVESPA -, especially when strategies based on the margin of safety are used. The strategy based solely on the priceearnings ratio has also presented superior results than IBOVESPA, however less significant. Aswath Damodaran, em seu livro âMitos de Investimentosâ, fala sobre histÃrias de vendas de investimentos cujas estratÃgias parecem atraentes em um primeiro momento, mas, ao passar por um exame mais detalhado, perdem sua credibilidade. A partir da constataÃÃo de que uma filosofia de investimento desenvolvida atravÃs de estratÃgias e tÃticas consistentes à indispensÃvel no momento da montagem de uma carteira, o trabalho verifica se à possÃvel superar o principal Ãndice acionÃrio brasileiro (Ibovespa), no longo prazo, utilizando estratÃgias de investimento baseadas em baixos mÃltiplos PreÃo/Lucro e na margem de seguranÃa. A razÃo de incluir no estudo essas duas estratÃgias à o fato de a de baixos mÃltiplos P/L sofrer restriÃÃes por nÃo levar em consideraÃÃo o potencial de crescimento e o risco das empresas selecionadas. Com efeito, foi montado outro portfÃlio baseado na estratÃgia criada por Benjamin Graham, a chamada âMargem de SeguranÃaâ, capaz de filtrar aÃÃes de baixo crescimento e alto risco, caracterÃsticas indesejadas no momento da montagem de uma carteira. A conclusÃo do trabalho sugere que à possÃvel obter um desempenho superior ao principal benchmark nacional, o Ibovespa, principalmente utilizando estratÃgias baseadas na margem de seguranÃa. A estratÃgia baseada somente no mÃltiplo P/L tambÃm apresentou resultados superiores ao Ibovespa, embora menos significantes. |
description |
Aswath Damodaran, in his book âInvestment Fablesâ, brings stories of investments sales that, at first sight, might seem attractive, however, when examined closely, looses its credibility. Considering the idea that a philosophy of investment based on consistent strategies and tactics is indispensable during the building of a portfolio, this study verifies if it is possible to overcome the major national market index â IBOVESPA -, at a long term, through investment strategies based on low price-earnings ratio and on the margin of safety. The reason for adopting both strategies on this study is the fact that the one based on low price-earnings ratio is restricted by not considering the growth potential and the risk of the selected companies. In fact, another portfolio has been constructed by adopting Benjamin GrahamÂs strategy, the margin of safety, which is capable of filtering stocks with low growth and high risk, unwanted characteristics when building a portfolio. This study suggests that it is possible to obtain a superior performance than the main national benchmark â IBOVESPA -, especially when strategies based on the margin of safety are used. The strategy based solely on the priceearnings ratio has also presented superior results than IBOVESPA, however less significant. |
publishDate |
2009 |
dc.date.issued.fl_str_mv |
2009-07-06 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
status_str |
publishedVersion |
format |
masterThesis |
dc.identifier.uri.fl_str_mv |
http://www.teses.ufc.br/tde_busca/arquivo.php?codArquivo=4690 |
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http://www.teses.ufc.br/tde_busca/arquivo.php?codArquivo=4690 |
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por |
language |
por |
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info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade Federal do Cearà |
dc.publisher.program.fl_str_mv |
Programa de PÃs-GraduaÃÃo em Economia - CAEN |
dc.publisher.initials.fl_str_mv |
UFC |
dc.publisher.country.fl_str_mv |
BR |
publisher.none.fl_str_mv |
Universidade Federal do Cearà |
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reponame:Biblioteca Digital de Teses e Dissertações da UFC instname:Universidade Federal do Ceará instacron:UFC |
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Biblioteca Digital de Teses e Dissertações da UFC |
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Biblioteca Digital de Teses e Dissertações da UFC |
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Universidade Federal do Ceará |
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UFC |
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UFC |
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mail@mail.com |
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1643295139639066624 |