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stock selection strategy, when applied to a broad portfolio of high book-to-market firms, could impact returns for investors. He began by limiting his search to firms whose book/market ratios (the inverse of the price/book ratio) were in the top 20% of the market. He then ran those firms through an
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Through back-testing, Piotroski found that buying the top stocks in the market according to his methodology and shorting those that got the worst scores would have resulted in 23% annualized gains from 1976 through 1996, more than double the S&P 500 broad market index return. His findings were
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38:) to buy and short stocks using several accounting-based criteria. His back-testing showed that the method would have produced returns above the broader market averages over a two-decade period.
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in 1999. In 2000, his dissertation won the
American Accounting Association Best Dissertation Award, Financial Reporting Section.
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Piotroski specializes in financial reporting, and is well known in the investing industry for a 2000 paper, entitled
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208:"Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers"
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Value
Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers
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Value
Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers
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array of tests involving their balance sheets and income statements, using such metrics as the
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Piotroski received widespread publicity within the investment community for his 2000 paper,
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130:(Vol. 38, Supplement: Studies on Accounting Information and the Economics of the Firm).
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in the state of
Illinois that same year. From 1989 to 1992, he was a tax associate at
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Piotroski was a member of the
Editorial Advisory Boards of
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is a 9-point valuation metric derived on this research.
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Stanford
University Graduate School of Business faculty
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The paper examined whether a simple accounting-based
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is the Robert K. Jaedicke
Professor of Accounting at
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in 1994 and earned his Ph.D. in accounting from the
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184:Stanford University Graduate School of Business
89:Piotroski earned a B.S. in accounting from the
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66:Journal of Business Finance & Accounting
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154:made available to a wider audience via
249:Joseph D. Piotroski's Scholarly Papers
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54:Journal of Accounting and Economics
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258:An Accountant Looks at the Market
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293:Ross School of Business alumni
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160:Bloomberg BusinessWeek
110:University of Michigan
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93:in 1989. He became a
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135:fundamental analysis
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240:Joseph D Piotroski
193:2010-07-10 at the
188:Joseph D Piotroski
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267:Piotroski Profits
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75:SmartMoney
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263:Forbes
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