Correction

This article refers to:

Reports of Value’s Death May Be Greatly Exaggerated

Article title: Reports of Value’s Death May Be Greatly Exaggerated

Authors: Robert D. Arnott, Campbell R. Harvey, Vitali Kalesnik, and Juhani T. Linnainmaa

Journal: Financial Analysts Journal

Bibliometrics: Volume 77, Number 1, pages 44–67

DOI: https://doi.org/10.1080/0015198X.2020.1842704

When the above article was originally published, Figure 1 and endnote 32 contained production errors. The correct Figure 1 and endnote 32 follow. These issues have been corrected in the online version of the article.

Figure 1. Ratio of Various Definitions of Intangibles to Book Value of Equity: US Market, 1963–2020

Notes: Panel A displays the ratio of all intangibles (capitalized R&D and 30% of SG&A plus acquired intangibles) to the tangible part of the book value of equity (the book value of equity minus acquired intangibles). Panel B displays the ratio of internally generated intangibles (capitalized R&D and 30% of SG&A) to the book value of equity.

Sources: Research Affiliates, LLC, using data from CRSP/Compustat; Peters and Taylor (2017).

Notes

³² This amount differs from the –6.1% in Table 3 because these results reflect arithmetic returns rather than log returns and a slightly different time span, one beginning in January 2007 instead of July 2007.