Valeurs de croissance contre valeurs de rendement : l’impossible stratégie

Growth stocks vs value stocks : the impossible strategy This paper intends to study the relevance of the distinction between growth stocks and value stocks, on both theoretical and methodological levels. The empirical and operational dimensions are also taken into account according to the present evolution of the markets. The first section of the paper deals with the adequacy of the criteria used to justify the split between growth stocks and value stocks. The second section identifies the consistency links between these criteria from a dynamic and multidimensional point of view. The third section questions the nature and the justification of the possible value premium. It concludes on the relevance of investment strategies based on the distinction between growth stocks and value stocks. JEL classification : G1, G11, G12