loại công ty này đại diện cho một bán tiềm năng hay cơ hội bán ngắn. Để xem điều này, giả sử rằng các nhà quản lý của công ty dự kiến đầu tư 100 triệu USD sẽ tạo ra một dòng tiền sau thuế của, nói, | 370 SHORT SELLING AND MARKET EFFICIENCY and new inventions are common. One should not expect analysts to know precisely what the new products will be. Otherwise the analysts would have already patented them. In these circumstances there is considerable scope for disagreement about how the new products will do. Naturally those that are the most optimistic will be those setting the price. While it is very likely that average opinions are too optimistic it should be noticed that even if every investor is on average correct in his estimates . if you collected estimates from him for all stocks they would be unbiased on average although of course there would be some errors the above effect can still occur as long as investors errors are not perfectly correlated with each other and this divergence of opinion is greatest for the growth stocks. As explained earlier when discussing the types of mistakes that investors may make and can be avoided by analysis it does appear that the growth stocks have over long periods of time had lower returns than value stocks. The value stock anomalies book-to-market value price-to-earnings cash-flow-to-earnings dividend yield to the efficient market model may be due to the uncertainty-induced bias effect discussed above. This conclusion appears to differ from the empirical result of Diether et al. using analysts They found that the difference in returns between the lowest divergence-of-opinion growth stocks identified by low book-to-market ratios and the highest divergence of opinion growth stocks was less than the corresponding difference for the value stocks. However as they noted the analysts disagreed much more concerning the value stocks. For the growth stocks low book-to-market the lowest third had a dispersion of and the highest third one of . For the value stocks high book-to-market the lowest third in dispersion average and the highest third . The greater analyst disagreement for value stocks .
