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Abstracts prior to volume 5(1) have been archived!

Issue 5(1), October 2010 -- Paper Abstracts
Girard  (p. 9-22)
Cooper (p. 23-32)
Kunz-Osborne (p. 33-41)
Coulmas-Law (p.42-46)
Stasio (p. 47-56)
Albert-Valette-Florence (p.57-63)
Zhang-Rauch (p. 64-70)
Alam-Yasin (p. 71-78)
Mattare-Monahan-Shah (p. 79-94)
Nonis-Hudson-Hunt (p. 95-106)



JOURNAL OF ACCOUNTING AND FINANCE

Value Stocks and Accounting Screens: Has a Good Rule Gone Bad?


Author(s): Melissa K. Woodley, Steven T. Jones, James P. Reburn
Citation: Melissa K. Woodley, Steven T. Jones, James P. Reburn, (2011) "Value Stocks and Accounting Screens: Has a Good Rule Gone Bad?" Vol. 11, Iss. 4, pp. 87 - 104

Article Type: Research paper

Publisher: North American Business Press

Abstract:

We find that the financial statement variables identified by Piotriski (2000) no longer distinguish future winners from future losers among those stocks with high book-to-market ratios. While we confirm Piotroski’s findings for the 1976-1996 window used for his study, over the ensuing 12 years the results are actually reversed. Specifically, by most measures the stocks of “High F_Score” firms produce returns lower than those of “Low F_Score” firms and lower than those of the set of value stocks as a whole. These results are robust to controlling for firm size with market capitalization tercile sorts.