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dc.contributor.author王吉悟en_US
dc.contributor.author姜真秀en_US
dc.contributor.authorKang, Jin-Suen_US
dc.date.accessioned2014-12-12T02:37:00Z-
dc.date.available2014-12-12T02:37:00Z-
dc.date.issued2012en_US
dc.identifier.urihttp://140.113.39.130/cdrfb3/record/nctu/#GT070053023en_US
dc.identifier.urihttp://hdl.handle.net/11536/73093-
dc.description.abstractThe objective of this study is to test which investment strategies, between value investing and growth investing, give better returns to investors in ASEAN stock markets. For this purpose, the study concerns all international stock markets in ASEAN, including Malaysia, Vietnam (2 exchanges), Indonesia, Philippines, Thailand and Singapore during 2003-2012. There are three criteria to divide stocks between value and growth stocks including P/E, P/BV, and Dividend Yield. The portfolio of value and growth investing is updated every year. In an independent market analysis, the results show that value investing strategy provides significantly higher return than average market performance and growth investing strategy in all markets. Specifically, the returns from value portfolio in TIP Group, which includes Stock Exchange of Thailand (SET), Indonesia Stock Exchange (IDX), and Philippines Stock Exchange (PSE), significantly outperform returns from growth portfolio as well as Bursa Malaysia (KLCI). In between-market analysis, this study finds that Indonesia Stock Exchange (IDX) has the best performance for market portfolio among 7 markets, and Hanoi Stock Exchange (HNX) has the worst performance for market portfolio among 7 markets. Also, Security Exchange of Thailand (SET) has the best performance for value portfolio among 7 markets, and HoChiMinh Stock Exchange (HOSE) has the worst performance for value portfolio among 7 markets. Lastly, the result shows that growth portfolios among 7 markets statistically have same performance.zh_TW
dc.description.abstractThe objective of this study is to test which investment strategies, between value investing and growth investing, give better returns to investors in ASEAN stock markets. For this purpose, the study concerns all international stock markets in ASEAN, including Malaysia, Vietnam (2 exchanges), Indonesia, Philippines, Thailand and Singapore during 2003-2012. There are three criteria to divide stocks between value and growth stocks including P/E, P/BV, and Dividend Yield. The portfolio of value and growth investing is updated every year. In an independent market analysis, the results show that value investing strategy provides significantly higher return than average market performance and growth investing strategy in all markets. Specifically, the returns from value portfolio in TIP Group, which includes Stock Exchange of Thailand (SET), Indonesia Stock Exchange (IDX), and Philippines Stock Exchange (PSE), significantly outperform returns from growth portfolio as well as Bursa Malaysia (KLCI). In between-market analysis, this study finds that Indonesia Stock Exchange (IDX) has the best performance for market portfolio among 7 markets, and Hanoi Stock Exchange (HNX) has the worst performance for market portfolio among 7 markets. Also, Security Exchange of Thailand (SET) has the best performance for value portfolio among 7 markets, and HoChiMinh Stock Exchange (HOSE) has the worst performance for value portfolio among 7 markets. Lastly, the result shows that growth portfolios among 7 markets statistically have same performance.en_US
dc.language.isoen_USen_US
dc.subject投資成長zh_TW
dc.subject投資價值zh_TW
dc.subject東南亞股票市場zh_TW
dc.subjectStocken_US
dc.subjectASEANen_US
dc.subjectValueen_US
dc.subjectGrowthen_US
dc.subjectInvestmenten_US
dc.subjectMarketen_US
dc.title投資成長vs投資價值 - 東南亞股票市場zh_TW
dc.titleGrowth Investing VS Value Investing in ASEAN stock marketsen_US
dc.typeThesisen_US
dc.contributor.department企業管理碩士學程zh_TW
Appears in Collections:Thesis


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