Would you imagine this company could make a machine as cool as this?

Antifreeze proteins and their genes: From basic research to business opportunity

Antifreeze proteins (AFPs) are found in vegetables and fish from cold regions and they may be used in biotech, food and agro industries.

Another study that favors value stocks

From the Journal of Finance LII(2): 859-874 June 1997
"Good News for Value Stocks: Further Evidence on Market Efficiency" (*)

Abstract: This article examines the hypothesis that the superior return to so-called value stocks is the result of expectational errors made by investors. We study stock price reactions around earnings announcements for value and glamour stock over a 5-year period after portfolio formation. The announcement returns suggest that a significant portion of the return difference between value and glamour stocks is attributable to earnings surprises that are systematically more positive for value stocks. The evidence is inconsistent with a risk-based explanation for the return differencial.

(*) I consider this far from "Evidence on Market Efficiency". If there are earnings surprises and "expectational errors", that means the market failed to forecast earnings correctly. Too many good stocks go down because of temporary panic and too many stocks go up because of hype.

Price/book, price/sales and debt/equity better predictor than P/E and Beta ?

From the Financial Analysts Journal May/June 1997: 75-80
"A Fundamental Analysis of Korean Stock Returns"

Abstract: In an investigation of the relations between stock returns and fundamental variables in Korea, annual stock returns during the 1982-93 period were positvely related to book-market, sales-price, and debt-equity ratios, negatively related to firm size, and not significantly related to the earnings-price ratio or beta.

These results add to the growing international evidence that value stocks outperform growth stocks over long periods. Also for Korean stocks, book-market and sales-price ratios are more efficient indicators of value than the earnings-price ratio, and the debt-equity ratio is a more reliable proxy for risk than beta.