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Investing Research Articles

Focus Investment in Foreign Markets?

In The Anglosphere Challenge: Why the English-Speaking Nations Will Lead the Way in the Twenty-First Century, James Bennett implicitly advises focusing investments in certain countries. As depicted in the figure below, Mr. Bennett’s main thesis points are that: Keep Reading

How’s Your Mutual Fund Doing?

In case your mutual fund’s got you down… Keep Reading

Investors Behaving Badly?

“[B]ehavioral finance attempts to explain and increase understanding of the reasoning patterns of investors, including the emotional processes involved and the degree to which they influence the decision-making process. Essentially, behavioral finance attempts to explain the what, why, and how of finance and investing, from a human perspective.” In his March 2005 paper entitled “A Research Starting Point for the New Scholar: A Unique Perspective of Behavioral Finance,” Victor Ricciardi provides a brief history and overview of behavioral finance. He notes that: Keep Reading

Technically, It Pays to Think Small

In a March 2005 update of his paper entitled “Simple Technical Trading Strategies: Returns, Risk and Size”, Satyajit Chandrashekar investigates the effectiveness of simple moving average technical trading strategies across ten market capitalization size deciles for the period 1963-2002. He finds that: Keep Reading

When Mr. Smith Goes to Washington, Sell!

In their March 2005 paper entitled “Congress and the Stock Market,” Michael Ferguson and Douglas Witte examine the relationship between stock market returns and the imminent quantity and the “quality” of Congressional activity using various stock indices over long periods. They find that: Keep Reading

Feeling Pushed Around? Are Your $ in Jeopardy?

In case the market’s got you down… Keep Reading

Fed Model Versus P/E Model

Conventional wisdom says that high market P/E ratios forecast negative future stock returns. In their March 2005 paper entitled “The Market P/E Ratio: Stock Returns, Earnings, and Mean Reversion,” Robert Weigand and Robert Irons to test this conventional wisdom. Using data back to the 1880s, they pit the Fed Model against the P/E mean reversion model to determine which one better explains stock market behavior. They find that: Keep Reading

Diversify, Diversify, Diversify(?)

In their February 2005 paper entitled “Portfolio Concentration and the Performance of Individual Investors,” Zoran Ivkovic, Clemens Sialm and Scott Weisbenner test the dictum for diversification by examining the stock trades of a large number of individuals during 1991-1996 through a discount broker. They find that: Keep Reading

Weighting for Returns

In his December 2004 paper, Jason Hsu shows that: “Cap-Weighted Portfolios Are Sub-optimal Portfolios”. Noting that over $10 trillion are currently invested in passive capitalization-weighted indices, he examines data from 1962-2003 to show that: Keep Reading

Trust Me, It’s a Great Stock

In his December 2004 paper, Michael Cliff examines the period 1994-2003 to answer the following question: “Do Independent Analysts Provide Superior Stock Recommendations?” For his investigation, “independent” means not involved in an investment banking relationship between one year before and two years after a recommendation. He finds that: Keep Reading

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