1. "Is value riskier than growth? ....The zealots of market efficiency argue that the value premium must be the result of investors taking on fundamental risk. The behaviouralists argue that value outperforms because investors regularly make mistakes such as overpaying for growth." (James Montier (2009) ‘Value Investing', p. 57.)

Discuss this statement and critically evaluate the empirical evidence related to this debate.

2. Using the techniques of fundamental analysis, identify one value stock and one growth stock and analyse their characteristics and recent performance.

Assignments should be typed, using 1.5 spacing and an easy-to-read 12-point font. You should use double-sided printing, and ensure that assignments are securely bound.Written assignments and dissertations/business projects must not exceed the word count indicated in the module handbook/assessment brief.

The word count should:

- Include all the text, including title, preface, introduction, in-text citations, quotations, footnotes and any other items not specifically excluded below.

- Exclude diagrams, tables (including tables/lists of contents and figures), equations, executive summary/abstract, acknowledgements, declaration, bibliography/list of references and appendices. However, it is not appropriate to use diagrams or tables merely as a way of circumventing the word limit. If a student uses a table or figure as a means of presenting his/her own words, then this is included in the word count.

Examiners will stop reading once the word limit has been reached, and work beyond this point will not be assessed. Checks of word counts will be carried out on submitted work, including any assignments or dissertations/business projects that appear to be clearly over-length. Checks may take place manually and/or with the aid of the word count provided via an electronic submission. Where a student has intentionally misrepresented their word count, the School may treat this as an offence under Section IV of the General Regulations of the University. Extreme cases may be viewed as dishonest practice under Section IV, 5 (a) (x) of the General Regulations.

Very occasionally it may be appropriate to present, in an appendix, material which does not properly belong in the main body of the assessment but which some students wish to provide for the sake of completeness. Any appendices will not have a role in the assessment - examiners are under no obligation to read appendices and they do not form part of the word count. Material that students wish to be assessed should always be included in the main body of the text.

Guidance on referencing can be found in the programme handbook and on DUO.

For the first question, the literature will focus on the work of Petkova, R. and Zhang, L., 2005. Is value riskier than growth?. Journal of Financial Economics, 78(1), pp.187-202.

and the first question need to be critical and at least 5 academic journal included in the paper