After decades of sound performance, doubts have been cast on the ability of the equity value strategy to keep delivering in the aftermath of the 2008 Global Financial Crisis. Indeed, in a context marked by low yields, sluggish growth and subdued inflation combined with an accelerating digitalization of the economy, value investors have struggled to see the light at the end of the tunnel. But what does the future hold?
In this paper, we investigate potential drivers behind this performance lag, for example macroeconomic and microeconomic determinants, ESG characteristics or credit-borrowed components.
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