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Identification and characterization of organic pigments and dyes used in works of art and cultural heritage material such as prints, drawings, manuscripts, paintings, and textiles can provide important information for dating, authentication, and conservation treatment of these objects and studying art history in general. Applications of surface‐enhanced Raman scattering (SERS) for this purpose have recently attracted increasing attention of both academic scientists and museum researchers. This paper aims to review the latest development involving the emerging applications of SERS for the analysis of organic pigments and dyes used in works of art and cultural heritage material.

First, the importance of organic pigments and dyes in the studies of works of art and cultural heritage material and the challenges in their identification and characterization are briefly summarized. This is followed by a discussion on sampling considerations in the context of art and archaeology. Then the fundamental principle of SERS, SERS instrumentation and different types of SERS substrates are reviewed. Finally, selected examples of SERS applications to the identification of organic pigments and dyes, including the analysis of a couple of samples of artistic and archaeological interest, are presented and discussed.

The last few years have witnessed the emergence of SERS as a non‐destructive or micro‐destructive technique for the characterization of organic pigments and dyes found in artistic and archaeological objects. Spectroscopic and microscopic measurements using SERS have provided some novel information and answers to a wide variety of questions. However, SERS application to the field of art and archaeology is still in the fledging stage of development and requires closer collaboration between academic scientists and museum researchers. But the range of possible applications is broad. Future trends point to a strong need for the development of portable instruments for field applications.

By compiling this review, the authors hope to direct more attention toward SERS and bring together the expertise in the scientific, museum and art community to further explore the possibilities of SERS in rapid and direct identification of pigments and dyes under field conditions.

The pupose of the paper is to study the usefulness of Piotroski (2000)'s F-score in separating winners and losers in Vietnam.

The authors adopt a portfolio analysis and regression analysis on a sample of 501 of listed firms between 2009 and 2019 in Vietnam.

The authors find that a hedge strategy that buys high-F-score firms and sells low-F-score firms yield market-adjusted return of over 30 percent annually, which is statistically and economically significant. The hedge strategy based on F-score is not only profitable for value (high book-to-market [BM]) firms but also earn abnormal returns in a sample of growth (low BM) firms, suggesting that the usefulness of F-score strategy is not just a phenomenon in value firms as documented in previous literature.

Whilst the authors' paper documents economically significant returns obtained from the F-score strategy, the authors do not examine what drives the abnormal returns.

The results provide supporting evidence for the use of financial statement analysis as a screening tool to improve the performance of value investment in Vietnam stock market and for the training of financial reporting and fundamental analysis in universities.

The authors' research is the first study examining the F-score strategy in Vietnam that provides insights about the usefulness of fundamental analysis in separating winners and losers in a frontier market and contributes to the literature on fundamental analysis and market efficiency in emerging and frontier markets.