We report the results of a survey of capital budgeting techniques used by United Kingdom firms. Where possible, the evidence is combined with data collected over a 22 year period to provide a basis for the discussion of causes of trends. We observe that there has been a substantial narrowing of...

We investigate whether shares that have experienced extreme stock market performance over a five year period become mis-priced leading to opportunities for exploiting that mis-pricing. The results cast serious doubt on the efficiency of the UK stock market to price these shares. This means that...

It is widely recognized that value strategies - those that invest in stocks with low market values relative to measures of their fundamentals (e.g. low prices relative to earnings, dividends, book assets and cash flows) - tend to show higher returns. In this paper we focus on the early value...