Kenneth Fisher - Published Research

Published Research

Fisher’s theoretical work identifying and testing the price-to-sales ratio (PSR) is detailed in his 1984 Dow Jones book, Super Stocks. James O'Shaughnessy credits Fisher with being the first to define and use the PSR as a forecasting tool. In Fisher’s 2006 book, The Only Three Questions That Count, he states the PSR is widely used and known, and no longer as useful as an indicator for undervalued stocks. However, the PSR is still frequently included as required curriculum for the Chartered Financial Analyst exam and has allowed Mr. Fisher to successfully miss significant portions of several bear markets over his career.

Small-cap value was not defined as an investing category until the late 1980s. Fisher Investments was among the institutional money managers offering small-cap value investing to clients in the late 1980s.

Fisher does research in the study of behavioral finance. He has coauthored several research papers on the topic in collaboration with Meir Statman, the Glenn Klimek Professor of Finance at the Leavey School of Business at Santa Clara University.

Specifically, some of Fisher's research has been on the supposed link between stock market P/E ratios and stock prices. In a paper published in 2000, Fisher jointly with Statman found there to be no meaningful link between a stock's P/E or its dividend yield and its future return.

Fisher also studied the relationship between consumer confidence and stock returns. Their research shows there to be no statistically significant link, meaning consumer confidence doesn't seem to predict future stock returns.

As of 2009, Fisher has authored over 18 research papers on topics ranging from stock markets to consumer confidence to behavioral finance.