Abstract
Value investing is a common investment strategy, but like all other strategies it has suffered during certain periods, such as the tech rally in the late nineties. This paper examines the Value cycle globally, as well as specifically for Asia Pacific, and considers the impact of possible drivers, including those involving the overall stock market and macroeconomic factors. It was found that the Value cycle was closely linked with the level of risk aversion and, among macroeconomic variables, was most associated with the interest rate cycle.
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