Empirical analysis of the value and growth investment styles in an African frontier market.
Mumbo, James Dennis
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The choice of a stock is a headache for all equity investors worldwide ranging from well developed markets to developing markets. This study embarks on testing the Growth and Value investment styles in an African frontier market namely the Nairobi securities exchange and discovers is that the Value investment style does overall outperform the Growth investment style on the basis of portfolio return and Sharpe however there are instances when the Growth investment style does outperform the Growth investment style in the case of this study the results of 2007 are evidence.