| Abstract [eng] |
Relevance of the topic – fundamental and technical analysis are popular among practitioners, however scientific research and investment results are inconclusive. Research on value anomalies are completed with large and small capitalization stocks, while making regular portfolios, without paying much attention to investment moment, profit or trying to exploit particular value anomalies on a specific sectors, because research is done on market efficiency or/and anomalies as a whole. Problem – is it possible to beat the market with various investment analysis tools and value anomalies? Research object – value anomalies, significance of value anomalies, value anomalies manifestation among Standard and Poor‘s 500 index stocks. Research objective/purpose – research theoretical and practical application of fundamental analysis while exploiting value anomalies. To pick stocks with the highest possible returns while employing fundamental and technical analysis. Tasks: disclose importance of investment analysis in the investment decision making; research manifestation peculiarities of stock market anomalies; research reasons of value anomalies occurrence, consequences and specifics of exploiting them in investment process; research of technical analysis indicators and specifics of using them in practice; analysis of capabilities using the fundamental and technical analysis for achieving the best investment results; prepare and validate methodology for empirical research on possibilities for disclosing and using value anomalies together with technical analysis; investigate possibilities of earning higher when markets return, while investing in USA stock markets and using technical analysis and value anomalies, research which value anomalies are generating higher returns. In the first part of study there is analysis of the problem: stock market investing for beating the market, efficient markets and choices of technical and fundamental analysis. Further research task is to analyze theoretical aspects of fundamental analysis, value anomalies and technical analysis to find best moment for stock picking that it would be possible to beat the market. The second part of the study investigating theory to understand how the problem mentioned in the first part could be solved with existing and new methods. The third part of the study contains methodology for empirical study of value anomalies in the stock market. The fourth part is empirical study of value anomalies in Standard and Poor’s 500 index stocks, after internet and financial crisis. Stocks selection is made using technical and fundamental analysis while exploiting value anomalies. Study results prove beating the market with value anomalies, while selecting stocks after internet and financial bubbles with fundamental indicators: P/BV, P/E, ROE, P/BV+P/E+ROE and P/D. In the end of the study results, conclusions, suggestions, bibliography and appendices. |
