INVESTMENT OPTIONS AND GROWTH OPPORTUNITIES
CRISTIAN GRADINARUABSTRACT. Gallagher and Looi find consistency in performance according to a fund manager's investment philosophy, in that growth managers exhibit a competitive advantage in trading stocks that have low book-to-market ratios. According to Gruen et al., if an activist policymaker believes asset prices to be currently overvalued, she will necessarily judge the expected value of the change in these prices next period to be negative.