Growth and value are popular terms in the lexicon of finance. For many years, scholars and investment professionals … have claimed that value strategies outperform the growth ones, even in major market declines. However, since the early 2010 …'s, this seems to no longer hold, as growth strategies consistently generate superior returns. With declaration of Covid …

information and investment choice, we estimate a learning index that reflects the expected benefits of learning about an asset …. High learning index stocks have lower future returns and risk compared to low learning index stocks. Analysis of a … information environment surrounding earnings announcements reinforce our interpretation of the learning index. Our findings …