Does Academic Research Destroy Stock Return Predictability?*
... for forecasting variables, we are sure to find instances of ‘reliable’ return predictability that are in fact spurious.” To the extent that the results of the studies in our sample are caused by such biases, we should observe a decline in return-predictability out-of-sample. Rational Expectations v ...
... for forecasting variables, we are sure to find instances of ‘reliable’ return predictability that are in fact spurious.” To the extent that the results of the studies in our sample are caused by such biases, we should observe a decline in return-predictability out-of-sample. Rational Expectations v ...
hedge fund headlines mislead
... The hedge fund industry is continuing to grow despite the negative headlines. We believe that opportunities outside of traditional investments will continue to exist and investors will recognize the benefits that can be found within hedge fund strategies. As demonstrated, hedge funds, like many inve ...
... The hedge fund industry is continuing to grow despite the negative headlines. We believe that opportunities outside of traditional investments will continue to exist and investors will recognize the benefits that can be found within hedge fund strategies. As demonstrated, hedge funds, like many inve ...
The Impact of Prices on Takeovers - Wharton Finance
... in equilibrium. Inspecting the gap between the equilibrium correlation between discounts and takeover probabilities and the causal effect of discounts on takeover probabilities (i.e., comparing our estimated trigger effects without and with instrumentation), our results imply that, for the average f ...
... in equilibrium. Inspecting the gap between the equilibrium correlation between discounts and takeover probabilities and the causal effect of discounts on takeover probabilities (i.e., comparing our estimated trigger effects without and with instrumentation), our results imply that, for the average f ...
Word - corporate
... the Program and the Plan, including your eligibility and any benefits, will be determined pursuant to, and are governed by, the provisions of the Plan documents. If there is any discrepancy between the information in this document or in any other materials relating to the Plan and the Plan documents ...
... the Program and the Plan, including your eligibility and any benefits, will be determined pursuant to, and are governed by, the provisions of the Plan documents. If there is any discrepancy between the information in this document or in any other materials relating to the Plan and the Plan documents ...
Modern Portfolio Theory: Is There Any Opportunity for Real Estate
... can be made about the risks which portfolio managers are prepared to take but they cannot decide on the returns that can be achieved. Usually investment decision will be decided by factors beyond the control of portfolio managers, although they would anticipate that the higher the risk, the higher s ...
... can be made about the risks which portfolio managers are prepared to take but they cannot decide on the returns that can be achieved. Usually investment decision will be decided by factors beyond the control of portfolio managers, although they would anticipate that the higher the risk, the higher s ...
International Diversification Versus Domestic Diversification: Mean
... J. Risk Financial Manag. 2014, 2, 45-66; doi:10.3390/jrfm7020045 ...
... J. Risk Financial Manag. 2014, 2, 45-66; doi:10.3390/jrfm7020045 ...
A note on portfolio selection, diversification and
... which are negative and the remainder positive. However, the authors do not document statistically significant deviations from zero for the kurtosis measure. In relation to fund managers, Bird and Gallagher (2002) observe that in general, the active return distributions of Australian, Canadian, UK an ...
... which are negative and the remainder positive. However, the authors do not document statistically significant deviations from zero for the kurtosis measure. In relation to fund managers, Bird and Gallagher (2002) observe that in general, the active return distributions of Australian, Canadian, UK an ...
SP170: Did NASDAQ market makers successfully collude to
... and offers for at least 1000 shares. In addition, trades made through NASDAQ’s small order execution system (SOES, which was mandatory by the SEC after June 1988 as a result of investors’ inability to contact market makers by telephone during the 1987 market crash) could be made at the posted prices ...
... and offers for at least 1000 shares. In addition, trades made through NASDAQ’s small order execution system (SOES, which was mandatory by the SEC after June 1988 as a result of investors’ inability to contact market makers by telephone during the 1987 market crash) could be made at the posted prices ...
Schwab Performance Report | Q3 2016 Table of
... The benchmark is provided for reference only and does not imply that an SMP portfolio will achieve returns, volatility or other results similar to the benchmark. The composition of a benchmark index may not reflect the manner in which an SMP portfolio is constructed in relation to expected or achiev ...
... The benchmark is provided for reference only and does not imply that an SMP portfolio will achieve returns, volatility or other results similar to the benchmark. The composition of a benchmark index may not reflect the manner in which an SMP portfolio is constructed in relation to expected or achiev ...
printmgr file - AnnualReports.com
... and new investments, contractual rent bumps, lower leasing costs and interest savings. In 2014, we delivered approximately 22% AFFO per share growth, which coincided with our 20.6% dividend per share increase in 2014 versus 2013. We are excited about our ability to capture more of that opportunity i ...
... and new investments, contractual rent bumps, lower leasing costs and interest savings. In 2014, we delivered approximately 22% AFFO per share growth, which coincided with our 20.6% dividend per share increase in 2014 versus 2013. We are excited about our ability to capture more of that opportunity i ...
Stock market liquidity and firm value
... return on assets ratio.1 More liquid stocks have higher operating returns on their assets and more equity in their capital structure. In contrast, their price-to-operating earnings ratios are similar to less liquid stocks. These results hold when we control for industry and firm fixed effects, the lev ...
... return on assets ratio.1 More liquid stocks have higher operating returns on their assets and more equity in their capital structure. In contrast, their price-to-operating earnings ratios are similar to less liquid stocks. These results hold when we control for industry and firm fixed effects, the lev ...
Stock Prices and Earnings: A History of Research
... announcements. There are at least two reasons why earnings announcements could lack informational value. First, the procedures used to compute earnings could be so riddled with measurement error that they could render earnings of little use to investors. Second, the information contained in earnings ...
... announcements. There are at least two reasons why earnings announcements could lack informational value. First, the procedures used to compute earnings could be so riddled with measurement error that they could render earnings of little use to investors. Second, the information contained in earnings ...
I Should We Fear Derivatives? Rene´ M. Stulz
... mortgage and getting a fixed-rate mortgage, but the transactions costs could be high. A swap contract would be an alternative solution that would not entail renegotiating the mortgage contract. You would agree to make payments to a counterparty, say a bank, equal to a fixed interest rate applied to ...
... mortgage and getting a fixed-rate mortgage, but the transactions costs could be high. A swap contract would be an alternative solution that would not entail renegotiating the mortgage contract. You would agree to make payments to a counterparty, say a bank, equal to a fixed interest rate applied to ...
IDRT
... We understand plan sponsors of participant directed defined contribution plans subject to ERISA are required to provide at least 30 days but not more than 90 days’ notice to participants when adding or closing an investment option(s) under the plan, including share class/rate level changes. We have ...
... We understand plan sponsors of participant directed defined contribution plans subject to ERISA are required to provide at least 30 days but not more than 90 days’ notice to participants when adding or closing an investment option(s) under the plan, including share class/rate level changes. We have ...
BOND - ETF.com
... of the ETF on the open market and trading them into the issuer for an “in kind” exchange of the underlying bonds. To make a profit, the AP simply needs to liquidate those bonds. Likewise, if an ETF’s share price rises above NAV, APs can buy up the individual bonds and trade them in for ETF shares in ...
... of the ETF on the open market and trading them into the issuer for an “in kind” exchange of the underlying bonds. To make a profit, the AP simply needs to liquidate those bonds. Likewise, if an ETF’s share price rises above NAV, APs can buy up the individual bonds and trade them in for ETF shares in ...
Stock and Bond Market Liquidity: A Long-Run
... ranging from three month to 30 years, which suggests that all maturities may be relevant for a study of illiquidity. Thus, we adopt a flexible approach and include measures of illiquidity for all three Treasury maturity classes rather than limiting the study to one class. In addition, by studying il ...
... ranging from three month to 30 years, which suggests that all maturities may be relevant for a study of illiquidity. Thus, we adopt a flexible approach and include measures of illiquidity for all three Treasury maturity classes rather than limiting the study to one class. In addition, by studying il ...
SHERWIN WILLIAMS CO (Form: 10-K, Received: 03
... Current Reports on Form 8-K, and amendments to these reports, as soon as reasonably practicable after we electronically file such material with, or furnish such material to, the Securities and Exchange Commission. You may access these documents on the “Investor Relations” page of our website at www. ...
... Current Reports on Form 8-K, and amendments to these reports, as soon as reasonably practicable after we electronically file such material with, or furnish such material to, the Securities and Exchange Commission. You may access these documents on the “Investor Relations” page of our website at www. ...
What makes a great value investor?
... Figure 1 – Kennox’s 4 year returns (Sources: Bloomberg, Kennox) Kennox’s own analysis has shown that the investment approach shows better returns in comparison to the MSCI World Index at times when the overall markets are falling and relatively poorer returns in comparison when the overall markets a ...
... Figure 1 – Kennox’s 4 year returns (Sources: Bloomberg, Kennox) Kennox’s own analysis has shown that the investment approach shows better returns in comparison to the MSCI World Index at times when the overall markets are falling and relatively poorer returns in comparison when the overall markets a ...
Essilor (EI FP)-Buy: Bigger playing field becomes reality
... Essilor remains by far a “captain of industry” in the corrective lenses but also in the optical instruments market. The expansion in new markets (sun and online) supported by the global roll-out of direct-to-consumer marketing campaigns (a game changer in our view as it is targeting directly end con ...
... Essilor remains by far a “captain of industry” in the corrective lenses but also in the optical instruments market. The expansion in new markets (sun and online) supported by the global roll-out of direct-to-consumer marketing campaigns (a game changer in our view as it is targeting directly end con ...
Directive on Alternative Investment Fund Managers
... state of the overall market. Private equity funds are typically involved in investment in private companies, a relatively illiquid asset. Hedge funds tend to use tools such as short-selling and derivatives, while private equity funds generally do not use such tools. We discuss the distinction betwee ...
... state of the overall market. Private equity funds are typically involved in investment in private companies, a relatively illiquid asset. Hedge funds tend to use tools such as short-selling and derivatives, while private equity funds generally do not use such tools. We discuss the distinction betwee ...
predictions, projections, and precautions: conveying cautionary
... the stock market is often tantamount to gambling.2 Gambling is commonly defined as any activity in which a person stakes money in a game that involves some element of chance and risk in the hope of a reward that exceeds the initial investment.3 The core of any such activity is to look beyond the pre ...
... the stock market is often tantamount to gambling.2 Gambling is commonly defined as any activity in which a person stakes money in a game that involves some element of chance and risk in the hope of a reward that exceeds the initial investment.3 The core of any such activity is to look beyond the pre ...
Margin Regulation and Volatility
... investors have access to another (unregulated) class of assets to leverage their positions. We also demonstrate that a common countercyclical margin regulation of all asset classes in the economy has a very strong dampening effect on asset return volatility. We develop a general equilibrium asset-pr ...
... investors have access to another (unregulated) class of assets to leverage their positions. We also demonstrate that a common countercyclical margin regulation of all asset classes in the economy has a very strong dampening effect on asset return volatility. We develop a general equilibrium asset-pr ...
Individual Investor Mutual Fund Flows
... Individuals’ mutual fund share redemption decisions in both their taxable and tax-deferred accounts might also be sensitive to investment costs. The literature to date has not focused on these sensitivities at the individualinvestor level. Rather, as in Barber, Odean, and Zheng (2005), analyses focu ...
... Individuals’ mutual fund share redemption decisions in both their taxable and tax-deferred accounts might also be sensitive to investment costs. The literature to date has not focused on these sensitivities at the individualinvestor level. Rather, as in Barber, Odean, and Zheng (2005), analyses focu ...
Limitations of a Mutual Fund
... AMC’s Board of Directors must have at least 50% of Directors who are independent directors. The AMC has to be approved by SEBI. The AMC functions under the supervision of it’s Board of Directors, and also under the direction of the Trustees and SEBI. It is the AMC, which in the name of the Trust, fl ...
... AMC’s Board of Directors must have at least 50% of Directors who are independent directors. The AMC has to be approved by SEBI. The AMC functions under the supervision of it’s Board of Directors, and also under the direction of the Trustees and SEBI. It is the AMC, which in the name of the Trust, fl ...
Stock trader
A stock trader or equity trader or share trader is a person or company involved in trading equity securities. Stock traders may be an agent, hedger, arbitrageur, speculator, stockbroker or investor. A stock investor is an individual or company who puts money to use by the purchase of equity securities, offering potential profitable returns, as interest, income, or appreciation in value (capital gains). This buy-and-hold long term strategy is passive in nature, as opposed to speculation, which is typically active in nature. Many stock speculators will trade bonds (and possibly other financial assets) as well. Stock speculation is a risky and complex occupation because the direction of the markets are generally unpredictable and lack transparency, also financial regulators are sometimes unable to adequately detect, prevent and remediate irregularities committed by malicious listed companies or other financial market participants. In addition, the financial markets are usually subjected to speculation.