JEL Code

G12, G40


This study provides an overview of the academic research in the field of Value Investing (VI), identifying the knowledge structure, influential authors, connections between relevant papers, and salient trends. Following a defined protocol, the Google Scholar database is examined to extract, rank, and connect influential books and academic articles in VI. Through a systematic literature review methodology, this study retrieves a database of 400 academic works published between 1965 and 2020. Using rigorous bibliometric and visualization tools, it identifies four major research clusters: (1) competing explanations of the value premium, (2) anomalies research, (3) momentum and fundamentals, and (4) wrong beliefs on investing. Contributions of this work include a catalog of existing approaches that may help researchers and practitioners navigate the VI literature, a map of the connections between influential publications, a suggestion of a list of “must-read” publications in VI, a content analysis of clusters of most relevant papers, the identification of leading authors, and the detection of areas for future research.

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