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Performance is evaluated using several metrics (returns and alphas). Our results show that quality stocks measured by return on invested capital (ROIC) exhibit superior performance. The incorporation of competitive advantages allows a better discrimination among the classic high-quality strategies. Investment in stocks with quality and high ESG entails the payment of a premium but buying quality companies with Economic Moat makes up for this negative aspect. The results show how quality companies that have competitive advantages obtain a better future performance and are recognized by the market with a higher valuation. However, the markets may take time to recognize this value since the incorporation of the average Price-to-Price target (Analyst consensus) increases the future performance.<\/jats:p>\n                  <jats:p>\n                    <jats:bold>JEL classification:<\/jats:bold>\n                    G11; G14; G23\n                  <\/jats:p>","DOI":"10.1177\/23409444231202810","type":"journal-article","created":{"date-parts":[[2023,10,26]],"date-time":"2023-10-26T03:25:07Z","timestamp":1698290707000},"page":"453-473","update-policy":"https:\/\/doi.org\/10.1177\/sage-journals-update-policy","source":"Crossref","is-referenced-by-count":2,"title":["How to improve quality investing"],"prefix":"10.1177","volume":"28","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-8214-6227","authenticated-orcid":false,"given":"Luis","family":"Otero Gonz\u00e1lez","sequence":"first","affiliation":[{"name":"Department of Finance and Accounting, Universidade de Santiago de Compostela (USC), Santiago de Compostela, Spain"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-8231-6425","authenticated-orcid":false,"given":"Pablo","family":"Dur\u00e1n Santomil","sequence":"additional","affiliation":[{"name":"Department of Finance and Accounting, Universidade de Santiago de Compostela (USC), Santiago de Compostela, Spain"}]},{"given":"Jo\u00e3o Paulo da Torre","family":"Vieito","sequence":"additional","affiliation":[{"name":"Department of Finance and Accounting, Polytechnic Institute of Viana do Castelo, Viana do Castelo, Portugal"},{"name":"UNIAG Research Center, Bragan\u00e7a, Portugal"}]},{"given":"Juan Carlos","family":"Reboredo","sequence":"additional","affiliation":[{"name":"Department of Fundamentals of Economic Analysis, Universidade de Santiago de Compostela (USC), Santiago de Compostela, Spain"}]}],"member":"179","published-online":{"date-parts":[[2023,10,26]]},"reference":[{"key":"e_1_3_3_2_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2015.09.004"},{"key":"e_1_3_3_3_1","doi-asserted-by":"publisher","DOI":"10.1007\/s11142-018-9470-2"},{"key":"e_1_3_3_4_1","doi-asserted-by":"crossref","unstructured":"Azevedo V. 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