Arvostrategioiden menestys Suomen osakemarkkinoilla

Tämän tutkimuksen tavoitteena on selvittää saavutetaanko passiivisilla arvostrategioilla riskikorjattuna ylisuuria tuottoja Suomen osakemarkkinoilla. Tuottaako matalien tunnuslukujen perusteella valittujen osakkeiden portfolio enemmän kuin korkeiden tunnuslukujen portfolio? Ovatko alfat tilastollisesti merkitseviä? Tutkimuksen tavoitteena on myös selvittää, ovatko korkeimman ja matalimman arvostustason portfolioiden menestyserot tilastollisesti merkitseviä. Tunnuslukuina on tarkasteltu P/E-, EV/EBIT- ja EV/EBITDA-tunnuslukuja sekä P/B- ja P/S–lukuja. Lisäksi on tutkittu yhdistelmätunnuslukuina P/E- ja P/B–lukujen tulon muodostamaa tunnuslukua, sekä suhteellisiin EV/EBITDA-, P/B- ja P/S-lukuihin perustuvaa arvostusmittaria. Tutkimusaineisto koostuu Suomen osakemarkkinoilla julkisesti noteeratuista yrityksistä toukokuusta 1991 toukokuuhun 2006. Osakkeet järjestettiin tunnuslukujen arvostustason perusteella kvintiiliportfolioihin. Myöhemmin portfoliot muodostettiin uudelleen kolmen ja viiden vuoden välein. Lopuksi tarkasteltiin kvintiiliportfolioiden kuukausittaisia tuottoja tunnuslukukohtaisesti koko tutkimusjakson ajalta. Tulosten perusteella on selkeästi havaittavissa, että matalan tunnusluvun kvintiiliportfoliot menestyivät paremmin kuin korkean tunnusluvun kvintiiliportfoliot. Kolmen vuoden jaksoissa P/E-, EV/EBITDA-, P/B-, P/S- ja kolmen tunnusluvun yhdistelmällä muodostetuilla kvintiiliportfolioilla arvopreemio oli selkeästi havaittavissa. Viiden vuoden jaksoissa vastaava ilmiö toistui EV/EBITDA-tunnusluvulla muodostetuilla kvintiiliportfolioilla. Eniten tuotti absoluuttisesti sekä riskikorjattuna tutkimuksessa esiteltävä kolmen vuoden jaksoissa kolmen tunnusluvun yhdistelmällä muodostettu matalimman arvostustason kvintiiliportfolio, joka tuotti riskikorjattuna tilastollisesti erittäin merkitsevästi positiivista alfaa matalalla riskitasolla.

Ireland's International Education Strategy 2010 - 2015: Investing in Global Relationships

Ireland, as a small, open European economy, relies fundamentally on international engagement. An internationalised education system in Ireland has a crucial role to play in maintaining Ireland’s international profile and attractiveness by educating the next generation of leaders, entrepreneurs and decision-makers in our partner-countries, by giving our own students the intercultural expertise demanded in the global economy, and by enhancing the direct link with Ireland for members of our global diaspora who choose to come home to study. The High-Level Group on International Education takes the view that, from a national perspective, the most compelling rationale for internationalisation is investment in future global relationships: with students educated in Ireland who will become our advocates overseas, with educational institutions that will be the research and teaching partners of the future, and with the countries that will be Ireland’s next trading and business partners

Ireland's International Education Strategy 2010 - 2015: Investing in Global Relationships Summary Report

Ireland, as a small, open European economy, relies fundamentally on international engagement. An internationalised education system in Ireland has a crucial role to play in maintaining Ireland’s international profile and attractiveness by educating the next generation of leaders, entrepreneurs and decision-makers in our partner-countries, by giving our own students the intercultural expertise demanded in the global economy, and by enhancing the direct link with Ireland for members of our global diaspora who choose to come home to study. The High-Level Group on International Education takes the view that, from a national perspective, the most compelling rationale for internationalisation is investment in future global relationships: with students educated in Ireland who will become our advocates overseas, with educational institutions that will be the research and teaching partners of the future, and with the countries that will be Ireland’s next trading and business partners. Internationalisation also provides a means of enhancing the quality of learning, teaching and research in Ireland and makes a significant contribution to our broader ambition as a global innovation hub.

Ireland's International Education Strategy 2010 - 2015: Investing in Global Relationships Summary Report - Arabic

Ireland's International Education Strategy 2010 - 2015: Investing in Global Relationships Summary Report - Arabic. Provided by the Department of Education and Skills, Ireland.

Ireland's International Education Strategy 2010 - 2015: Investing in Global Relationships Summary Report - Chinese

Ireland's International Education Strategy 2010 - 2015: Investing in Global Relationships Summary Report - Chinese. Provided by the Department of Education and Skills, Ireland.

Ireland's International Education Strategy 2010 - 2015: Investing in Global Relationships Summary Report - Korean

Ireland's International Education Strategy 2010 - 2015: Investing in Global Relationships Summary Report - Korean. Provided by the Department of Education and Skills, Ireland.

Ireland's International Education Strategy 2010 - 2015: Investing in Global Relationships Summary Report - Portuguese

Ireland's International Education Strategy 2010 - 2015: Investing in Global Relationships Summary Report - Portuguese. Provided by the Department of Education and Skills, Ireland.

Ireland's International Education Strategy 2010 - 2015: Investing in Global Relationships Summary Report - Russian

Ireland's International Education Strategy 2010 - 2015: Investing in Global Relationships Summary Report - Russian. Provided by the Department of Education and Skills, Ireland.

Ireland's International Education Strategy 2010 - 2015: Investing in Global Relationships Summary Report - Spanish

Ireland's International Education Strategy 2010 - 2015: Investing in Global Relationships Summary Report - Spanish. Provided by the Department of Education and Skills, Ireland.