Clayman (1994)

Clayman, Michelle. "Excellence Revisited." Financial Analysts Journal, May/June 1994.

Repeats the methodology of Clayman [1987] and finds that "excellent" companies again outperformed as a group during 1988-1992, with a monthly alpha of 0.38%. Financial ratios of both "excellent" and "unexcellent" companies are again found to regress toward the mean.

Link:   https://www.cfapubs.org/doi/abs/10.2469/faj.v43.n3.54