Haozhou Liang

Comparative Study on the Investment Performance of Traditional Quantitative Methods and Machine Learning in Value Investing*

This study compares a quarterly‐rebalanced Piotroski F ‐score strategy with machine‐learning ranking models for stock selection in Taiwan's equity market using an expanding‐window walk‐forward design. Over the out‐of‐sample period 2021Q1–2023Q4, the Random Forest top‐20 portfolio achieves an annualized gross retu...